Detector Exploration Ltd.
TSX VENTURE : DEX

June 18, 2008 17:34 ET

Principal Shareholders of Detector Acquire Additional Securities Pursuant to Recent Private Placement

CALGARY, ALBERTA--(Marketwire - June 18, 2008) - Detector Exploration Ltd. (TSX VENTURE:DEX) ("Detector") and Edward A. James ("James") (who is a Director of Detector) announce that James acquired $50,000 of Convertible Debentures as part of a recent $495,000 private placement offering by Detector that closed on June 18, 2008 and sold a total of 163,500 in the prior year.

The Debentures are convertible at $0.40 per Common Share from issuance to and including April 30, 2009; $0.50 per Common Share from May 1, 2009 to and including April 30, 2010. Upon conversion into Debentures into Common Shares, warrants shall also be issued in a number equal to 1/2 of the number of Common Shares acquired on conversion (the "Warrants"). The Warrants will be exercisable until April 30, 2010 to acquire 1 common shares at $0.65 per share.

After giving effect to this transaction, James (of #650, 520 - 5th Avenue S.W., Calgary, Alberta, T2P 3R7) owns 1,841,943 Common Shares and James' holding corporation, E.A. James Gas & Oil Ltd., holds 412,750 Common Shares for a total of 2,254,693 Common Shares (18.9%).

On a fully diluted basis (i.e. assuming full conversion of all Debentures, exercise of all Warrants and exercise of all employee options which would result in a total of 13,774,951 Common Shares outstanding) the holdings of James, and EAJGOL would equal 2,442,193 Common Shares (or 17.7%). There are no other persons acting jointly or in concert with James. At present, James has no intention to increase his holdings of securities of 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 June 18, 2008 Detector has outstanding 11,918,701 Common Shares and 590,000 options to acquire Common Shares (under Detector's stock option plan). A total of 2,000,000 additional Common Shares would be issuable if the entire amount of $800,000 Debentures were converted at the conversion price currently in effect (i.e. $0.40). A total of 1,237,500 additional Common Shares would be issuable if the entire amount of $495,000 Debentures were converted at the conversion price currently in effect (i.e. $0.40). A total of 618,750 additional Common Shares would be issuable if all of the Debentures were converted at $0.40 per share and then all the Warrants were exercised.

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

Contact Information

  • Detector Exploration Ltd.
    Edward A. James
    (403) 264-1880
    (403) 265-9105 (FAX)
    or
    Detector Exploration Ltd.
    Suite #650, 520 - 5th Avenue S.W.
    Calgary, Alberta, T2P 3R7
    Email: detectorex@shaw.ca