Rockgate Capital Corp. and Delta Exploration Inc. Complete Plan of Arrangement

Rockgate Capital Corp. and Delta Exploration Inc. Complete Plan of Arrangement

Rockgate Capital Corp. and Delta Exploration Inc. announce that they have completed a court-approved plan of arrangement under the British Columbia Business Corporations Act pursuant to which Rockgate has acquired all of the issued and outstanding securities of Delta.

Pursuant to the Transaction, Delta shareholders are entitled to receive 0.50 of a common share of Rockgate for each Delta common share held. A letter of transmittal has been delivered to Delta’s registered shareholders. Upon submission of a duly completed letter of transmittal and any other required documentation, former Delta shareholders, will receive certificates representing the number of common shares of Rockgate they are entitled to receive pursuant to the Transaction, subject to adjustment for fractional shares. For Delta shareholders who hold their Delta common shares through a broker, the exchange process will occur automatically, and such shareholders should contact their brokers for further information.

Delta received shareholder approval for the Transaction at its annual general and special meeting of its shareholders held on January 15, 2009. The Supreme Court of British Columbia granted a final order approving the Transaction on January 16, 2009. Delta will be delisted from the TSX Venture Exchange at market close on February 3, 2009 and thereafter will apply to cease to be a reporting issuer under Canadian securities laws.

Rockgate is pleased to announce the appointment of Christopher J. Wild, a former director and Vice President of Exploration of Delta as a director of Rockgate. Mr. Wild is currently a consultant to the mining industry. He is also Vice President, Exploration and a director of Cassidy Gold Corp., the Vice President, Exploration and Chief Operating Officer and a director of Navasota Resources Ltd., Vice President, Exploration and a director of Island Arc Exploration Corp., and a director of Africa West Minerals Corp., all junior mining reporting issuers, publicly traded on the TSX Venture Exchange.

Rockgate president Karl Kottmeier commented, “We are pleased to see the overwhelming approval of the transaction by Delta shareholders. Rockgate can now focus on advancing the Falea uranium silver project and developing the substantial portfolio of west African gold and uranium assets. We welcome Mr. Chris Wild to the board of the company and look forward to drawing on his substantial experience and strong technical abilities to augment our geological team as we continue to strive to build lasting shareholder value.”

Share this post