TORONTO, ONTARIO--(Marketwired - April 23, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES
Delrand Resources Limited ("Delrand" or the "Company") (TSX:DRN)(JSE:DRN) announces that, further to its April 15, 2014 press release, it has closed a non-brokered private placement of 2,000,000 common shares of the Company (the "Shares") at a price of Cdn$0.075 per Share for proceeds to the Company of Cdn$150,000. The Company intends to use the proceeds from this financing (the "Financing") for general corporate purposes. Arnold T. Kondrat was the purchaser of all of the Shares. Mr. Kondrat is a director of the Company and, taking into account the Shares acquired under the Financing, now holds 14,359,700 (or 22.49%) of the outstanding common shares of the Company.
This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Delrand is an African-focused mineral explorer with diamond exploration projects in the Democratic Republic of the Congo. The Company also has an iron ore exploration project and other projects are under consideration. Led by an experienced board and management team with a successful track record of exploration and mine development in Africa, the Company works in a systematic and responsible manner to discover, assess and develop mineral resources for the benefit of its shareholders and local stakeholders.
For further information, please visit our website, www.delrand.com.