Delphi Energy Corp. announced that it has entered into capital investment agreement with new investor Kiwetinohk Resources Corp. for private placement of common shares for gross proceeds of CAD 22,900,000 on July 5, 2020.

The investor will acquire for 25% of the new shares, plus warrants that are exercisable into such number of shares as will in result in 50%+1 of the new shares upon satisfaction of certain conditions in the future and payment of an aggregate exercise price equal to approximately CAD 37,500,000. The recapitalization transaction is subject to approval by the court on July 10, 2020, and the effectiveness of the plan.