Dual Exploration Inc.

Dual Exploration Inc.

June 01, 2006 09:00 ET

Dual Exploration Inc. Announces Increase in Size of Bought Deal Private Placement to $6,258,380

CALGARY, ALBERTA--(CCNMatthews - June 1, 2006) -

Not for distribution to United States newswire services or for dissemination in the United States.

Dual Exploration Inc. (TSX:DLX) announces that in response to stronger than anticipated demand it has agreed to increase the size of its previously announced bought deal financing. As a result, a total of 662,000 common shares of Dual issued at a price of $1.90 per share and 2,137,000 "flow-through" common shares of Dual, within the meaning of the Income Tax Act (Canada), issued at a price of $2.34 per flow-through share will be sold under the financing for aggregate gross proceeds of $6,258,380. The financing is being conducted by a syndicate of underwriters co-led by Clarus Securities Inc. and FirstEnergy Capital Corp. and including Dundee Securities Corporation.

Closing of this financing is expected to occur on or about June 15, 2006 and is subject to normal regulatory and stock exchange approvals.

Dual Exploration Inc. is an aggressive junior oil and gas company engaged in the exploration for, and development and production of natural gas and oil reserves in Western Canada. Dual will use the proceeds of the flow through offering to fund the acceleration of their exploration drilling program and the net proceeds of the common equity offering for general corporate purposes. Dual's common shares trade on the Toronto Stock Exchange under the symbol "DLX".

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The common shares of Dual will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

This press release is reproduced on Dual's website at www.dualexp.com. For this and other information about Dual Exploration Inc., please visit the website.

Contact Information

  • Dual Exploration Inc.
    Marty Cheyne
    (403) 233-7778 ext. 226
    Dual Exploration Inc.
    Brad Porter
    Chief Operating Officer
    (403) 233-7778 ext. 222