Ditem Explorations: $750,000 Non-Brokered Private Placement
Ditem Explorations is pleased to announce that it has closed a non-brokered private placement of 1.5 million flow-through common shares at a price of $0.50 per share for gross proceeds of $750,000. There are no warrants attached to the shares. All the securities issued pursuant to the private placement are subject to a hold period of four months from the date of closing. The private placement is subject to all regulatory approvals, including the approval of the TSX Venture Exchange. A finder’s fee of $56,250 representing 7.5% of the gross proceeds will be paid to Desjardins Securities.
The proceeds from the private placement will be used by Ditem for admissible exploration expenses primarily on the Otish Mountains properties in Quebec, the Beartooth Island Project in the Athabasca Basin of Saskatchewan and the Cree Lake Property also in the Athabasca Basin of Saskatchewan.
Ditem Explorations (52,203,384 fully diluted) is a uranium exploration and development Company with properties in the Athabasca Basin in Saskatchewan (Beartooth Island Project and Cree Lake Property for a total of 1,067 km2) and the Otish Basin (Otish Uranium 258 km2 and Otish South 381 km2) in Quebec. The Company has completed a 6 hole drilling program in the Otish and is commencing a new program. A 3 hole drilling program on the Beartooth Project was completed in March of this year and, when ice conditions permit, Ditem plans to undertake drilling on its Cree Lake Property. The Company has also signed a Letter of Intent with Sinosteel (see April 14th press release). At Sinosteel’s request, Ditem has granted Sinosteel a delay of 60 additional days from early July for negotiations in Montreal regarding the signing of a joint venture agreement.
Other exploration programs are also being developed and new Canadian acquisitions are on-going. Existing properties and general information may be viewed on the Company’s website at www.ditem.com.
Contacts: Ditem Explorations Inc. David Vincent 514-875-9034 ditem@sympatico.ca
http://www.ditem.com
Source: Ditem Explorations Inc.
