December 11, 2006 16:00 ET

Ditem Explorations: Closing of $ 1,750,000 Brokered Private Placement

MONTREAL, QUEBEC--(CCNMatthews - Dec. 11, 2006) - On November 16th 2006 and November 28th, Ditem Explorations (TSX VENTURE:DIT) announced a proposed brokered placement of up to $1,500,000 which was subsequently increased to $1,750,000. The financing closed today.

As a result, the Company has issued an aggregate of 7 million common shares comprised of 3.5 million flow-through shares at a price of $0.25 per share and 3.5 million common shares (comprising units of the company) at a price of $0.25 per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one common share of the Company at $0.35 until a date that is 24 months after the Closing Date. Quebec residents will be entitled to the full Quebec flow-through exemption.

The offering was made to accredited investors, within the meaning of National Instrument 45-106, residing in the Provinces of British Columbia, Alberta, Ontario, and Quebec, and is subject to final approval of the TSX Venture Exchange. All the securities issued pursuant to the offering shall be subject to a hold period of four months expiring on April 12, 2007. A commission equal to 8% of the gross proceeds, as well as broker unit warrants equal to 10% of issued units at $0.25 and broker warrants equal to 10% of the issued flow-through shares at $0.25, will be payable by the Company to Bearbeech Capital Partners Corp.

The proceeds from the private placement will be used by Ditem for exploration primarily on the Otish Mountain Property in Quebec, the Beartooth Island Project in the Athabasca Basin of Saskatchewan and the Cree Lake Property also in the Athabasca Basin of Saskatchewan, as well as for general working capital.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information