Detector Exploration Ltd.

January 29, 2010 16:17 ET

Detector Closes Private Placement of Convertible Debentures

CALGARY, ALBERTA--(Marketwire - Jan. 29, 2010) - Detector Exploration Ltd. (TSX VENTURE:DEX) ("Detector") has completed the issuance of $300,000 of 10% March 31, 2011 maturity convertible debentures (the "Debentures"), which will be convertible at $0.20 per Common Share; and which are redeemable by the Corporation at any time after May 1, 2010 upon 14 days notice (the "Debentures"). Upon conversion into Commons Shares warrants shall also be issued in a number equal to ½ of the number of Common Shares acquired on conversion (each warrant exercisable until March 31, 2011 to acquire 1 common share at $0.20 per share) (the "Warrants").

A total of 6 subscribers purchased debentures. None of the subscribers are "related parties" to Detector.

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

As of January 29, 2010 Detector has outstanding 11,918,701 Common Shares and 440,000 options to acquire Common Shares (under Detector's stock option plan). A total of 1,500,000 additional Common Shares would be issuable if the entire amount of $300,000 Debentures were converted at the conversion price currently in effect (i.e. $0.20). A total of 750,000 additional Common Shares would be issuable if the maximum number of Warrants were issued and all were exercised.

Additionally, Detector has determined that Detector's "public float" (the number of shares outstanding not held by directors, officers, promoters, 10% shareholders or their affiliates, spouses, and other associates and not under any hold period or escrow restrictions) is 5,736,585 based on information provided to Detector by its insiders.

The Detector officer(s) responsible for issuance of this press release and who may be contacted for further information is Ronald E. Alexander, President.

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
    (403) 264-1880
    (403) 265-9105 (FAX)
    Detector Exploration Ltd.
    Suite #1020, 736 - 6th Avenue S.W.
    Calgary, Alberta, T2P 3T7