Detector Exploration Ltd.

December 18, 2009 12:27 ET

Detector Exploration Ltd. Seeks Approval From the TSX Venture Exchange for the Issuance of Convertible Debentures

CALGARY, ALBERTA--(Marketwire - Dec. 18, 2009) - Detector Exploration Ltd. (TSX VENTURE:DEX) announces that Detector is seeking approval from TSX Venture Exchange ("TSX-V") for an issuance of $300,000 of convertible Debentures on the following terms:

(a) the debentures (1) shall pay interest at the rate of 10%, (2) shall mature on March 31, 2011 and (3) shall be convertible at $0.20 per Common Share; and (4) are redeemable by the Corporation at any time after May 1, 2010 upon 14 days notice;

(b) upon conversion of the debentures a debentureholder shall be entitled to receive:

  1. the number of Common Shares of the Corporation (rounded down to the nearest whole number) that the applicable conversion price yields (i.e. $0.20) based on the dollar amount of debentures converted;
  2. a number of Common Share purchase warrants equal to ½ of the number of Common Shares obtained on conversion (rounded down to the nearest whole number), each whole warrant exercisable until March 31, 2011 to acquire 1 Common Share at $0.20 per share.

The final terms of the Debentures and Warrants may be varied from the foregoing as may be approved by TSX-V.

No insiders are planning to acquire any of the Convertible Debentures.

The proposed closing date for the Debenture issue is scheduled for December 31, 2009.

Detector is an oil and gas corporation whose shares are listed for trading on TSX Venture Exchange Inc. under the symbol DEX.

As of December 18, 2009 Detector has outstanding 11,918,701 Common Shares, and 440,000 options to acquire Common Shares. Detector's "public float" (total shares outstanding less those held by directors, officers and 10% shareholders and associates) has been calculated by Detector to be 5,736,585 shares.

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

  • Detector Exploration Ltd.
    Ronald E. Alexander, President
    Suite #650, 520 - 5th Avenue S.W.
    Calgary, Alberta, T2P 3R7
    (403) 264-1880
    (403) 265-9105 (Fax)