DeeThree Exploration Ltd. has entered into an agreement, on a bought deal basis, with a syndicate of underwriters co-led by Macquarie Capital Markets Canada Ltd., Cormark Securities Inc. and Dundee Securities Ltd., and including Casimir Capital Ltd., Stifel Nicolaus Canada Inc. and Raymond James Ltd. (collectively, the "Underwriters"), to purchase 2,730,000 common shares of the Company (the "Common Shares") at a price of $5.50 per Common Share and 770,000 common shares of the Company issued on a "flow-through" basis under the Income Tax Act (Canada) (the "Flow-Through Shares") at a price of $6.50 per Flow-Through Share for aggregate gross proceeds of $20,020,000 (the "Offering").

The Company has also granted the Underwriters an over-allotment option to increase the size of the Offering by purchasing from treasury up to an additional 409,500 Common Shares, on the same terms, exercisable in whole or in part at any time prior to 30 days after the closing of the Offering.

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