Ditem Explorations : $578,000 Flow-Through Private Placement
MONTREAL, QUEBEC -- (Marketwire) -- 04/01/11 -- Ditem Explorations (TSX VENTURE: DIT) is pleased to announce that it has closed a brokered flow-through private placement for an amount of $578,000 through the sale of 7,225,000 flow-through units at $0.08 each to Mineral Fields Group, CGE Resources Quebec 2011 ACC and two accredited investors. Each unit consists of one flow-through common share of Ditem and half of one share purchase warrant, with each whole warrant entitling the holder to purchase one common share of Ditem at a price of $0.11 per share for a period of twelve months from the date of closing.
All securities issued pursuant to the offering will be subject to a hold period of four months from the date of closing. A commission equal to 8% of the gross proceeds in cash, as well as broker warrants equal to 7% of the number of shares issued under the offering, at a price of $0.11 per share, was paid to Industrial Alliance Securities by Ditem Explorations.
The gross proceeds from the private placement will be used by Ditem Explorations for admissible flow-through exploration expenses in the company's properties in Quebec.
Ditem Explorations is an 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 recently acquired a rare earth property on which it plans to begin exploration work shortly. Properties and general information may be viewed on the Company's website at www.ditem.com.
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
David Vincent
Director, Investor Relations
514-875-9034
david.vincent@ditem.com
www.ditem.com