DeeThree Exploration Ltd.
TSX VENTURE : DTX

DeeThree Exploration Ltd.

September 08, 2010 09:00 ET

DeeThree Exploration Ltd. Announces Closing of Prospectus Offering

CALGARY, ALBERTA--(Marketwire - Sept. 8, 2010) -

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

DEETHREE EXPLORATION LTD. ("DeeThree" or the "Corporation") (TSX VENTURE:DTX) is pleased to announce that it has closed its previously announced short form prospectus offering (the "Offering") raising gross proceeds of $22,000,000. 

The Offering was led by Casimir Capital L.P., and included a syndicate of agents consisting of Haywood Securities Inc., D & D Securities Inc., Dundee Securities Corporation and Strategic Energy Research and Capital, LLC, an affiliate of FCG Advisors, LLC. NASD/SIPC (collectively, the "Agents") pursuant to an agency agreement dated effective August 24, 2010. A total of 8,000,000 common shares ("Common Shares") of the Corporation were issued at a price of $2.75 per Common Share. This included 1,043,478 Common Shares issued pursuant to the full over-allotment option being exercised by the Agents.

The Corporation will use the net proceeds of the Offering to conduct exploration and development activities on its properties, to explore and develop its core project area in the Lethbridge area of southern Alberta and for general corporate purposes.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated use of proceeds from 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.

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

Contact Information

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