DEE Technically ready to run up 1.49-1.63

Delphi Energy to list 12 million more shares

2009-09-28 18:16 ET - Prospectus Approved

TSX bulletin 2009-1226

An additional 12 million common shares (symbol: DEE) will be listed at the opening on Wednesday, Sept. 30, 2009. The listing will cover common shares to be sold to the public at a price of $1.25 per common share pursuant to the terms of a short-form prospectus dated Sept. 23, 2009. The closing of the offering is expected to occur prior to the opening on Sept. 30, 2009.

Delphi Energy arranges $15-million financing

2009-09-09 17:33 ET - News Release

Mr. David Reid reports

DELPHI ENERGY ANNOUNCES FINANCING

Delphi Energy Corp. has entered into a financing agreement with a syndicate of underwriters, led by National Bank Financial, to issue and sell, on a bought-deal basis, 12 million common shares of Delphi at an issue price of $1.25 each, resulting in gross proceeds of $15-million. The underwriters will have the option to acquire up to an additional 1.2 million common shares at an issue price of $1.25 per common share for additional gross proceeds of up to $1.5-million for total gross proceeds of up to $16.5-million. Proceeds of the offering will be used to finance Delphi's continuing light oil development program in Hythe and additional potential acquisition opportunities. The offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. Closing is expected to occur on or before Sept. 30, 2009.

Gary Sorenson, wanted for his alleged role in a Ponzi-type scheme that bilked investors of $100 million, has been arrested at Calgary International Ai

Sorenson, 66, was taken into custody as he stepped off a private plane Tuesday, said the RCMP.

Police did not disclose where Sorenson travelled from, other than to say it was from outside Canada. The suspect's last known address was in Honduras, where his company, Merendon Mining Corp., was based.

After being charged with fraud over $5,000 and theft over $5,000, Sorenson was released on bail of either a surety of $300,000 or $150,000 in cash.

A justice of the peace ordered Sorenson to:

* Surrender his Canadian passport and other travel documents.
* Report weekly to the RCMP.
* Remain in Alberta.
* Live at an address approved by the authorities.
* And refrain from communicating with people on a list provided by the RCMP.

"This arrest is an important milestone in our investigation," RCMP Supt. Eric Mattson said Tuesday about what "appears to be the largest Ponzi-type scheme" in Canadian history.

Sorenson is the second Alberta man arrested in the alleged pyramid sales scam in which the original investors are paid off by new investors.

Milowe Brost, 55, was arrested Sept. 13 on the same two criminal charges as Sorenson, which carry a prison sentence of up to 14 years each. He has also been released on bail.
Involved thousands of investors

The pair is accused of bilking 3,000 people in Canada, the U.S. and overseas out of $100 million — and possibly up to $400 million — between 1999 and 2008.

Police said the two men created a business, Syndicated Gold Depository S.A., then formed an agreement to lend money to Merendon Mining with a promise of a high rate of return.

Lured by the promise of high returns, investors were then enticed into offshore shell companies marketed by Brost's firms, Capital Alternatives Inc. and Institute for Financial Learning Group of Companies Inc., said the RCMP.

The shell companies included:

* Asset Trax Inc.
* Quatro Communications Corp.
* Rapid Express Corp.
* Strategic Metals Corp.
* Merendon Mining (Nevada) Inc.

Alberta RCMP are asking anyone who was victimized b