TORONTO, ONTARIO--(Marketwire - May 14, 2012) - Detector Exploration Ltd. (the "Corporation") (TSX VENTURE:DEX) is pleased to announce that, subject to regulatory and shareholder approval, it has agreed to a non-brokered private placement of up to 4,000,000 Units at a price of $0.05 per Unit for gross proceeds of $200,000. Each Unit is comprised of one (1) common share and one (1) common share purchase warrant (the "Warrant"). Each Warrant entitles the holder thereof to purchase one (1) common share for a period of two (2) years from the date of issuance. The Warrants are exercisable at a price of $0.05 per common share. The proceeds will be used for further exploration and development of the Corporation's properties and for general working capital.
As one of the subscribers to the private placement who will be taking up 2,000,000 Units, is currently a director of the Corporation and the private placement will create a new insider and, upon the exercise of the warrants, two (2) new control persons (as those terms are defined by the TSX Venture Exchange) the Corporation intends to obtain shareholder approval through the written consent of disinterested shareholders owning a minimum of 50% of the disinterested common shares.
This update contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Detector is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Detector cannot assure investors that actual results will be consistent with these forward looking statements and Detector assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.Neither 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.