TORONTO, ONTARIO--(Marketwired - Aug. 31, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES
Delrand Resources Limited (the "Company") (NEX:DRN.H)(JSE:DRN) announces that it has applied for the removal, without an offer, of its common shares (the "delisting") from the Johannesburg Stock Exchange (the "JSE"). The Company decided to take this action after concluding that the disadvantages of maintaining its listing on the JSE (including the additional costs and regulation associated with maintaining the listing) outweighed the benefits to the Company and its shareholders. The Company will announce further details of the delisting including the salient dates for the delisting following receipt of all required approvals, the last of which approvals is expected to be received shortly. The listing of the Company's common shares on NEX will not be impacted by the delisting from the JSE.
The Company also announces that, further to its June 13, 2016 press release, it has closed a non-brokered private placement of 300,000 common shares of the Company at a price of Cdn$0.40 per share for gross proceeds of Cdn$120,000 (the "Offering"). The Company intends to use the proceeds from the Offering for general corporate purposes. All shares issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale requirements of applicable securities regulation, and will not be listed on the JSE as a result of the imminent delisting.
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.
Forward-Looking Information: This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the expected delisting from the JSE) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to carry out the delisting from the JSE. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.