Royal Capital Corp.
TSX VENTURE : RCX.P

June 17, 2009 17:06 ET

DeeThree Exploration Ltd. Completes Private Placement

CALGARY, ALBERTA--(Marketwire - June 17, 2009) -

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

ROYAL CAPITAL CORP. ("Royal") (TSX VENTURE:RCX.P) and DEETHREE EXPLORATION LTD. ("DeeThree") are pleased to announce that DeeThree has today completed the final tranche of its private placement (the "Private Placement") for aggregate gross proceeds of $267,000. At this closing, DeeThree issued 133,500 subscription receipts ("Subscription Receipts") at a price of $2.00 per Subscription Receipt.

DeeThree received aggregate gross proceeds of $5,679,766 pursuant to the Private Placement, with 1,976,250 Subscription Receipts issued at a price of $2.00 per Subscription Receipt for gross proceeds of $3,952,500 and 719,694 Flow-Through Shares were issued at a price of $2.40 per Flow-Through Share for gross proceeds of $1,727,266.

As announced on June 1, 2009, DeeThree and Royal entered into an amalgamation agreement dated May 25, 2009 that sets out the terms and conditions pursuant to which Royal and DeeThree will complete a business combination. Please refer to Royal's news release dated June 1, 2009 and the joint information circular filed on SEDAR for additional information regarding DeeThree and the proposed business combination.

The proceeds of the Private Placement will be used to explore and develop DeeThree's oil and gas prospects in the Lethbridge and Peace River Arch regions in Alberta, and for working capital and general corporate purposes.

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Royal's disclosure documents on the SEDAR website at www.sedar.com. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. Royal undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither 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 release.

Contact Information

  • Royal Capital Corp.
    Dennis Nerland
    President, CEO, CFO and a director
    (403) 299-9605