Ditem Explorations Inc.: Brokered Private Placement for 1,000,000
MONTREAL, QUEBEC, Nov 20, 2012 (Menafn - MARKETWIRE via COMTEX) --Ditem is pleased to announce that it has signedan agreement for a brokered, private placement to raise grossproceeds of up to 1,000,000. The placement is composed offlow-through units (the "Flow-Through Units") for gross proceeds of750,000 and cash units (the "Cash Units") for gross proceeds of250,000. The agent is MGI Securities ("MGI") and the financing issubject to regulatory approval.
Each Flow-Through Unit offered at 0.05 shall consist of 1Flow-Through common share and 1 common share purchase warrant. Eachwarrant entitles its holder to purchase one additional common shareat a price of 0.10 for a period of 24 months from the Closing Date.Each Cash Unit offered at 0.05 will be comprised of 1 common shareand 1 common share purchase warrant. Each warrant entitles its holderto purchase 1 additional common share at a price of 0.07 for aperiod of 12 months from the Closing Date and at a price of 0.10 forthe following 12 months. There will be a hold period of 4 months onall securities issued.
MGI shall receive a cash commission equal to 10% of the grossproceeds and shall be granted warrants by the Corporation to acquirethat number of Common Shares equal to 10% of the aggregate number ofFlow-Through Units and Cash Units sold under the Offering (the"Agent's Warrants"), exercisable at a price of 0.10 per Agent'sWarrant for a period of 24 months from the Closing Date.
This Financing will be sold on a private placement basis pursuant tothe "accredited investor" exemption under National Instrument 45-106and certain other available and agreed upon exemptions. The sellingjurisdictions for the Offering will be the provinces of BritishColumbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec, andsuch other provinces of Canada or other jurisdictions as agreed upon.
Ditem intends to use the proceeds of the Flow Through Units forexploration work on Ditem properties, namely the properties in theDetour Gold Trend, the Bruell gold property near Val-d'Or and on theLalande rare earth property near La Romaine. Cash Units will be usedfor acquisitions and general administrative purposes.
Ditem is an exploration and development company with properties inQuebec situated in the Detour Gold Trend, the Bruell property in theVal-d'Or area, and the Lalande property on the North Shore near LaRomaine and in the Otish Basin and, in Saskatchewan, in the AthabascaBasin. Properties and general information may be viewed on theCompany'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.
Ditem Explorations Inc.
MGI Securities Inc.
SOURCE: Ditem Explorations Inc.
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