DeeThree Exploration Ltd.
TSX VENTURE : DTX

DeeThree Exploration Ltd.

September 02, 2010 09:00 ET

DeeThree Exploration Ltd. Announces Filing of Final Prospectus

CALGARY, ALBERTA--(Marketwire - Sept. 2, 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 filed the final short form prospectus for its previously-announced financing (the "Offering"). The Offering consists of 6,956,522 common shares of the Corporation at the price of $2.75 per common share for gross proceeds of approximately $19.1 million. The Offering is led by Casimir Capital L.P., and includes 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. 

DeeThree also granted the Agents an over-allotment option to offer for sale, on the same terms, up to an additional 1,043,478 common shares for additional aggregate gross proceeds of up to approximately $2.9 million. This option is exercisable, in whole or in part, by the Agents at any time, from time to time, up to 30 days after closing of the Offering. The maximum gross proceeds that may be raised under the Offering is $22 million should this option be exercised in full. The Offering is being made in all provinces of Canada, other than Quebec. 

Closing of the Offering is expected to occur on or about September 8, 2010, subject to customary regulatory approvals. Copies of the final prospectus may be obtained from Ms. Gail Hannon, the Chief Financial Officer of the Corporation, at Suite 700, 520 - 5th Avenue S.W., Calgary, Alberta T2P 3R7, telephone (403) 263-3361, and are also available electronically at www.sedar.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated closing date of 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. Closing could be delayed if DeeThree cannot obtain necessary regulatory approvals within anticipated timelines and will not be completed unless certain conditions customary for transactions of this kind are satisfied. 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