Communiqué from Delta Minerals´ Extra General Meeting on October 14

Delta Minerals had an Extraordinary General Meeting on 14 October, 2015.

General Meeting decided to approve the Board's proposals:

• The General Meeting decided to cancel the decision of the annual general meeting for the merger of shares.
• The General Meeting decided to change the articles of Association § 4 and § 5 as follows:
• § 4 share capital
  The share capital shall be not less than 1 955 000 SEK and not more than 7 820 000 SEK.
  § 5 Shares
  The number of shares shall be not less than 85 000 000 and a maximum of 340 000 000.

• The General Meeting authorized the Board to, on one or more occasions, in the period until next annual general meeting, with or without preferential rights for shareholders, decide on a new issue of shares, the issue of warrants and/or convertible bonds pursuant to the statutes in force at any given time. Rights issue and private placement to take place against cash payment and/or with provision for non-cash issue or setoff or with other conditions.
• Cornelio Casido and Christian Bönnelyche were elected new members of the Board. Directors' fees for new board members, not otherwise remunerated for work performed in the group companies, are proposed to 75 000 SEK per year; related to the remaining term of the Board.

 Presentation at the annual general meeting

At the General Meeting CEO Thomas Lundgren gave a speech on the company's operations and plans. Cornelio Casido, the company's new Board member and President of the Philippine company, gave a well-received presentation of the company's operational development since its inception in 2013.

The company has developed well. In 2014, the focus was primarily starting the pilot production to get operating experience and create a base for market development. In 2015, the company has developed on building sales channels. This work has been rewarded and the first payment for magnetite sale was received recently. The company has in 2015 been able to close framework agreements with buyers of sand and magnetite. The framework agreement with Chahaya Ltd. is important for filling sand (sand reclamation).

The company has also built up alternate revenues, additional to sand and magnetite. Building materials production is imminent and brick production is the next product in line; all in cooperation with Heritage Ltd., a controlled company one of Cornelio Casido, investing in local production based on Delta Minerals´ material.

The company have confirmed the previous estimates of investment to reach 1.5 Mton. A recent study details a total investment 12 MUSD. Detailed discussions are pursued with international banks such as the Asian Development Bank (ADB) to finance this development and other financial institutions have also shown great interest.

In addition to the above long-term financial plan, a short-term financing in the near future is required. This will be partly financed by company revenues and additional funding of about 1 MUSD.

The Company stated the it is encouraging that the business has developed positively, creating values for existing shareholders and at the same time improving environmental matters in the Cagayan province as well as creating local jobs.

For further information, please contact
Hakan Gustafsson, Chairman of the Board, ´hakan.gustafsson@deltaminerals.se, mobile + 46-70 268 00 35.
Thomas Lundgren, CEO, thomas.lundgren@deltaminerals.se , mobile + 46-70 397 25 24.

---------------------------------------------------------------------------------------------------------------------------

Facts about the company
Delta Minerals AB is a Swedish public company listed on the stock market with the right to carry out environmental projects in the Philippines with the support of regional/local authorities. The company's goal is to begin operations in estuaries of Northwestern Philippines for the extraction of minerals and sand.

Tags: