Ditem Closes $500,000 Flow-Through Private Placement
June 12 2009 - 9:40AM
Marketwired
Ditem Explorations (TSX VENTURE: DIT)(FRANKFURT: D8X) is pleased to
announce a non-brokered private placement of $500,000 through the
sale of 3,846,153 flow-through units ("FT Units") at $0.12 each to
the MineralFields Group. Each unit consists of one flow-through
common share of Ditem and one-half of one share purchase warrant,
with each whole warrant entitling the holder to purchase one common
share of Ditem at a price of $0.20 per share for a period of twelve
months from the date of closing.
All securities issued pursuant to the offering shall be subject
to a hold period of four months from the date of closing. A
commission equal to 5% of the gross proceeds, as well as
compensation options entitling the holder to subscribe for such
number of units equal to 4% of the number of shares issued under
the offering, at a price of $0.12 per share, was paid by Ditem
Explorations to each of Limited Market Dealer and Industrial
Alliance Securities.
The gross proceeds from the private placement will be used by
Ditem Explorations for admissible flow-through exploration
expenses. "We are very pleased to be entering into this
relationship with MineralFields Group", said Raymond Savoie,
President and CEO. "This is an important milestone in the growth of
Ditem Explorations and we look forward to working with
MineralFields Group as we move forward with our exploration
programs."
MineralFields Group (a division of Pathway Asset Management),
based in Toronto and Vancouver, is a mining fund with significant
assets under administration that offers its tax-advantaged super
flow-through limited partnerships to investors throughout Canada as
well as hard-dollar resource limited partnerships to investors
throughout the world. Pathway Asset Management also specializes in
the manufacturing and distribution of structured products and
mutual funds (including the Pathway Multi Series Funds Inc.
corporate-class mutual fund series). Information about
MineralFields Group is available at www.mineralfields.com. First
Canadian Securities� is active in leading resource financings (both
flow-through and hard dollar PIPE financings) on competitive,
effective and service-friendly terms, and offers investment
banking, mergers and acquisitions, and mining industry consulting,
services to resource companies. MineralFields and Pathway have
financed several hundred mining and oil and gas exploration
companies to date through First Canadian Securities�.
Ditem Explorations (55,946,288 fully diluted) is a uranium
exploration and development Company with properties in the
Athabasca Basin in Saskatchewan (Beartooth Island and Cree Lake)
and the Otish Basin (Otish Uranium) in Quebec. The Company has also
completed drilling programs on the Beartooth Island and Otish
Uranium properties and, as soon as possible, plans to undertake
drilling on its Cree Lake property. Other exploration programs are
also being developed. Existing properties and general information
may be viewed on the Company's website at www.ditem.com which will
be updated shortly.
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.
Contacts: Ditem Explorations Raymond Savoie President and CEO
514-875-9034 Ditem Explorations David Vincent Director, Investor
Relations 514-875-9034 david.vincent@ditem.com www.ditem.com
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