DELTA URANIUM INC.
Previous company name
WAVEPOWER SYSTEMS INTERNATIONAL INC.
Name change date
Delta Uranium Inc is a Canadian-based publicly quoted company engaged in the metal mining services. The company was incorporated in the year 1988 and has its registered office address in Oakville, Ontario.
Delta Uranium, through its subsidiary, operates as a junior mining corporation in the uranium sector in Canada. The company owns 100% interest in 111 claims covering a total of 20,808 hectares in North-Western Ontario.
The Company. is an uranium exploration company.
Description and history
Delta Uranium Inc. is an uranium exploration company. Delta is focused on the exploration and development of uranium projects in Timmins and Kenora, Ontario, Canada. The flagship Kenora Project is 100%-owned and is comprised of more than 29,300 hectares in Northwestern Ontario, approximately 35 km east of the town of Kenora.
The Company was formed on March 21, 1988 and it’s shares began trading on the Toronto Stock Exchange on May 21, 2008.
On November 9, 2007, the Company acquired all of the issued and outstanding common shares of 4316282 Canada Inc. (“4316282 Canada”) in exchange for 21,716,991 common shares of the Company. As the shareholders 30 Delta Uranium Inc. Annual Report 2008 of 4318262 Canada controlled the Company once the acquisition was completed, the acquisition has been accounted for as a reverse takeover, whereby 4318262 Canada is the acquirer and the Company was the acquiree.
In connection with the reverse-takeover, the following transactions were completed:
a) the Company issued 3,000,503 common shares to redeem its issued and outstanding redeemable convertible preference Series A shares on the basis of 12.4159 common shares for each 241,666 redeemable convertible preference Series A share outstanding.
b) 4318262 Canada completed a private placement of 8,833,000 common shares at a price of $1.00 per common share for proceeds of $8,833,000.
c) the Company issued stock options and warrants to replace the issued and outstanding stock options and warrants of 4316282 Canada. Since the transaction did not constitute a business combination, the transaction is accounted for as a capital transaction, that is, a financing and recapitalization of the Corporations. Accordingly,
a) 4318262 Canada was deemed to be the acquirer for accounting purposes and its assets and liabilities are included in the consolidated financial statements of the continuing entity at their historical value.
b) the comparative figures reported are those of 4318262 Canada.
c) the number and class of outstanding shares reported are those of the Company, adjusted for the acquisition while the dollar amounts relating to share capital are those of 4318262 Canada.
d) contributed surplus and deficit of the Company were eliminated upon its acquisition of 4316282 Canada and the fair value of the net liability assumed of $347,668 was charged to the deficit. The fair value of the net liability equaled its book value.
The Company maintained its original fiscal year end and as a result of the above transaction the current fiscal year end is a fifteen month period.
Effective March 31, 2010, the Company was delisted from the Toronto Stock Exchange. The common shares of the Company commenced trading on the TSX Venture Exchange on April 1, 2010.
Through its subsidiary, operates as a junior mining corporation in the uranium sector in Canada
4316282 CANADA INC
COLLINS BARROW TORONTO LLP
US SIC Code
56, Temperance Street
City province or state postal code
M5H 3V5, TORONTO, ON
Phone: +1 416 3633582
Fax: +1 866 2883582
Country address: CANADA
Website url: www.deltauranium.com