DeeThree Exploration Inc.
TSX VENTURE : DTX

DeeThree Exploration Inc.

October 14, 2009 13:33 ET

DeeThree Exploration Inc. Closes $5 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Oct. 14, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

DeeThree Exploration Inc. ("DeeThree") (TSX VENTURE:DTX) is pleased to announce the closing of its previously announced bought deal financing (the "Offering") of common shares ("Flow-Through Shares") issued on a "flow-through" basis for the purposes of the Income Tax Act (Canada), with Clarus Securities Inc. ("Clarus") acting as the underwriter for the Offering.

Pursuant to the Offering, DeeThree issued two million Flow-Through Shares at a price of $2.50 per Flow-Through Share for gross proceeds to DeeThree of $5 million, including 400,000 Flow-Through Shares issued on the exercise in full of the underwriter's option granted to Clarus. DeeThree paid Clarus a cash commission of approximately $225,000 in connection with the Offering.

The proceeds of this Offering will be used to fund DeeThree's ongoing exploration activities.

Insiders of DeeThree participated in the Offering. DeeThree has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available in respect of this participation. The Flow-Through Common Shares issued pursuant to the Offering are subject to a statutory resale restriction period of four months and a day expiring on February 15, 2010. The completion of the Offering is subject to final approval from the TSX Venture Exchange.

Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated use of proceeds of the Offering. We believe the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. The forward-looking statements included in this press release are made as of the date of this press release and DeeThree disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offered securities mentioned in this press release will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • DeeThree Exploration Inc.
    Marty Cheyne
    President and Chief Executive Officer
    (403) 263-9130