TORONTO, April 24, 2014 /CNW/ - Arnold T. Kondrat announces that he has purchased for cash 2,000,000 common shares (the "Purchased Shares") of Delrand Resources Limited (the "Company") at a price of Cdn$0.075 per share pursuant to a non-brokered private placement financing (the "Financing") closed yesterday by the Company. Reference is made to the Company's press release issued yesterday announcing the closing of the Financing.
The Purchased Shares represent 3.13% of the currently outstanding common shares of the Company, taking into account the completion of the Financing. Taking into account the acquisition of the Purchased Shares, Mr. Kondrat now owns and controls 14,359,700 (or 22.49%) of the outstanding common shares of the Company. He also holds 375,000 common share purchase warrants of the Company such that, assuming the exercise of these warrants, he would own and control on a fully diluted basis, 14,734,700 (or 22.94%) of the outstanding common shares of the Company.
Mr. Kondrat acquired the Purchased Shares for investment purposes and may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.
Mr. Kondrat is a director of the Company. His address is Suite 7070, 1 First Canadian Place, 100 King Street West, Toronto, Ontario, M5X 1E3, Canada.
SOURCE: Arnold T. Kondrat
For further information: Arnold T. Kondrat, Phone: (416) 366-2221, Fax: (416) 366-7722