CALGARY, ALBERTA--(Marketwire - Aug. 10, 2012) - Detector Exploration Ltd. (TSX VENTURE:DEX) (the "Corporation") was unsuccessful at raising funds through the private placement announced May 14, 2012 for the drilling of an oil well at Redwater, Alberta.
On August 9, 2012 the Corporation sold all of its Redwater properties to a private Alberta oil corporation. Funds from the sale of the property will be used for accounts payable as well as reducing existing promissory notes.
Following the transaction, Detector Exploration Ltd. production will be approximately 50 BOEPD of which 95% is gas production.
As of August 10, 2012 Detector has outstanding 11,918,701 Common Shares. Detector has determined that Detector's "public float" (the number of shares outstanding not held by directors, officers, promoters, 10% shareholders or their affiliates, spouses, and other associates and not under any hold period or escrow restrictions) is 5,589,752 based on information provided to Detector by its insiders.
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.