Detector Exploration Ltd.
TSX VENTURE : DEX

March 15, 2016 14:03 ET

Detector Exploration in Receivership

CALGARY, ALBERTA--(Marketwired - March 15, 2016) - Detector Exploration Ltd. (TSX VENTURE:DEX) ("Detector") announces that on January 15, 2016 Panasia Investments Ltd. issued a Demand for Payment and Notice to Enforce Security to Detector Exploration Ltd. Panasia is not a related party to Detector Exploration Ltd.

Panasia required full payment by January 25, 2016. Detector was unable to meet this deadline. As a result, on February 11, 2016 the Courts of Queens Bench of Alberta approved the appointment of Hardie & Kelly Inc. to act as Receiver. Hardie and Kelly consented to the appointment and a Receivership Order (No. 1601-01680) was pronounced by The Court of Queen's Bench on February 22, 2016.

On February 23, 2016, Mr. Ron Alexander resigned his position as President and Director of Detector Exploration Ltd.

Mr. Kevin J. Keenan and Mr. Steve N. Ewaskiw remain as Directors.

The person responsible for issuance of this press release and who may be contacted for further information is:

Mr. Kevin Keenan
Detector Exploration Ltd.
Suite 300, 744 - 4th Avenue S.W.
Calgary, Alberta, T2P 3T4
Telephone (403) 264-1880
Fax (403) 264-7401
Email: detectorex@shaw.ca

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.
    Mr. Kevin Keenan
    (403) 264-1880
    (403) 264-7401 (FAX)
    detectorex@shaw.ca