Daleco Resources Corp. (OTCBB:DLOV.E) announced a private placement of 7.25% convertible debentures for gross proceeds of $500,000 on June 16, 2009. The securities will be issued pursuant to Regulation D. The debentures will bear interest at a rate of 7.25% per annum payable on quarterly basis on each September 30, December 31, March 31 and June 30. The debentures will mature on July 30, 2014. W. Kent Clarke will serve as placement agent to the company. Payment of principal will commence on September 30 following the second anniversary of the closing date of this offering. Each outside investor will invest a minimum of $5,000 in the transaction. The offering will remain open for more than one year. The debentures are convertible at a conversion price equal to the greater of either $0.14 per share or an amount equal to 80% of the average of the closing bid and ask prices of the common stock for the 5 trading days immediately preceding the conversion date. On the same date, the company extended the offering till September 15, 2009. As of September 30, 2009, the company has raised $142,725 and has borne expenses of $14,225. On October 1, 2009, the company raised the funding. During the three months ended December 31, 2009, the company announced that a Director has invested $30,000. On January 13, 2010, the company raised $25,000. The company has raised $55,000 from October 1, 2009 till date. During the six months ended March 31, 2010, the company has raised $60,000 of which two Directors have invested $45,000. During fiscal 2010, the company received $66,500 in the transaction. The company has received $209,225 in the transaction. During 2011, the company received additional $64,000 of which $35,000 and $14,000 were issued to two directors and an officer. The company has received $273,225 in the transaction. In January 2012, Daleco Resources Corp. closed the transaction. The company did not receive any further tranche.