DeeThree Exploration Inc.

DeeThree Exploration Inc.

September 24, 2009 08:50 ET

DeeThree Exploration Inc. Announces $4 Million Bought Deal Financing

CALGARY,ALBERTA--(Marketwire - Sept. 24, 2009) -


DeeThreeExploration Inc. ("DeeThree") (TSX VENTURE:DTX)announces that it has entered into an agreement with Clarus Securities Inc.("Clarus" or the "Underwriter"), under which Clarus has agreed to purchase on aprivate placement basis 1,600,000 common shares of DeeThree issued on a"flow-through" basis for the purposes of the Income Tax Act (Canada)("Flow-Through Common Shares") at a price of $2.50 per Flow-Through CommonShare, for gross proceeds to DeeThree of $4 million (the "Offering").

DeeThreehas also granted the Underwriter an option exercisable prior to closing to sellup to an additional 400,000 Flow-Through Common Shares for additional grossproceeds of up to $1 million.

Theproceeds of this Offering will be used to fund DeeThree's ongoing explorationactivities.

TheFlow-Through Common Shares issued pursuant to the private placement will besubject to a four month hold period from the date of closing the privateplacement. Closing is expected to occur on October 13, 2009 and is subject tocustomary conditions including, but not limited to, the approval of the TSXVenture Exchange.

Certainstatements contained herein constitute forward-looking statements, includingstatements concerning the anticipated closing date of the Offering and theanticipated use of proceeds. We believe the expectations reflected in thoseforward-looking statements are reasonable but no assurance can be given thatthese expectations will prove to be correct and such forward-looking statementsincluded herein should not be unduly relied upon. Closing could be delayed ifDeeThree cannot obtain necessary regulatory approvals within anticipatedtimelines and will not be completed unless certain conditions customary fortransactions of this kind are satisfied. The forward-looking statementsincluded in this press release are made as of the date of this press releaseand DeeThree disclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information, futureevents or otherwise, except as expressly required by applicable securitieslegislation.

Thesecurities offered have not been and will not be registered under the UnitedStates Securities Act of 1933, as amended, and may not be offered or sold inthe United States absent registration or applicable exemption from theregistration requirement. This media release shall not constitute an offer tosell or the solicitation of an offer to buy, nor shall there by any sale of thesecurities in any jurisdiction in which such offer, solicitation or sale wouldbe unlawful.

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