TORONTO, ONTARIO--(Marketwire - Aug. 23, 2012) - Delta Uranium Inc. (TSX VENTURE:DUR.H) ("Delta" or the "Company") announces that it has negotiated with Augustine Ventures Inc. (CNSX:WAW) ("Augustine") for Augustine to purchase furniture, fixtures, electronic, mining exploration and computer equipment from Delta for the aggregate purchase price of $95,500 plus applicable sales taxes. The purchase price will be settled by way of an applicable reduction in the loan amount due and payable by Delta to Augustine pursuant to a secured promissory note and will be included in its interim results for the six month period ended August 31, 2012. For complete details of the secured promissory note, please refer to the Company's press release of July 3, 2012.
In addition, Delta announces that it has also finalized its negotiations with Augustine for Augustine to assume full tenancy of the current office space at 56 Temperance Street in Toronto, which Augustine has occupied since November 2010. Pursuant to the arrangement, which is effective August 1 2012, Augustine would be solely responsible for and would assume all of Delta's costs and obligations pursuant to Delta's lease.
As Delta is a related party to Augustine by virtue of a common director, officers and its shareholdings in Augustine, the above transaction would be regarded as related party transaction. The transactions are exempted from the valuation and disinterested shareholder approval requirements pursuant to the applicable exemptions contained in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.