Troymet Exploration Corp. News Release
Monday, November 01, 2010
Troymet Closes First Tranche of Private Placement
November 1, 2010 - Troymet Exploration Corp. ("Troymet"): Further to press releases dated October 18, 2010 and October 22, 2010, Troymet has completed the first tranche closing of a non-brokered private placement consisting of 5,567,500 units at a price of $0.15 per unit for gross proceeds of $835,125 and 7,690,277 common shares issued on a "flow-through" basis at a price of $0.18 per common share for gross proceeds of $1,384,250. Aggregate gross proceeds from the sale of both units and flow-through shares on the first tranche of the private placement totaled $2,219,375. Each unit consists of one common share (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each full Warrant is exercisable for two years from closing into one Common Share at $0.25 per share for the first year from closing and $0.35 per share for the second year from closing.
A finder's fee of $148,868 was paid to six finders. In addition, 888,304 finder's warrants (each a "Finder's Warrant") were issued with each Finder's Warrant being exercisable into one Common Share at a price of $0.15 per Common Share for a period of one year from the date of issuance of the Finder's Warrants. All of the securities issued in connection with the private placement are subject to a four-month and one day hold period (until March 2, 2011).
In addition to the private placement, Troymet is also pleased to report that over the past month warrant holders have exercised 3,120,000 Common Share purchase warrants at $0.10 per share for gross proceeds of $312,000.
Aggregate gross proceeds of the private placement and the warrant exercise total $2,531,375. These proceeds will be used for Troymet's exploration programs at the Key and Golden Eagle properties in British Columbia, and at the McClarty Lake property in Manitoba, and for general corporate purposes.
There may be a second closing on or before November 10, 2010.
The completion of the private placement is subject to final TSX Venture Exchange approval. Two directors of Troymet participated in the private placement and Troymet has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the units and flow-through shares to such directors of Troymet (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000). After giving effect to the private placement, Troymet has 80,574,890 common shares issued and outstanding.
For further information, contact:
Kieran Downes (250) 729-0453; kdownes@troymet.com
Brian Cebryk (250) 890-0607; bc@troymet.com
Website: www.troymet.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 of accuracy of this news release. This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the corporation's disclosure documents on the SEDAR website at www.sedar.com. The corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
You can also view this News Release on our website at:
http://www.troymet.com/s/NewsReleases.asp?ReportID=425957
Copyright (c) 2010 Troymet Exploration Corp. (TYE) All rights reserved.
For more information visit our website at http://www.troymet.com/
or send mailto:info@troymet.com
To Unsubscribe from this email list, please click on the link below:
http://www.troymet.com/s/Unsubscribe.asp?.com
.
|
Troymet Exploration Corp.
|
|
EXPLORATION STAGE |
CODE : TYE.V |
ISIN : CA8977731071 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Troymet is a silver and gold exploration company based in Canada. Its main exploration properties are MCCLARTY LAKE, KEY, WHEATCROFT and GOLDEN EAGLE in Canada. Troymet is listed in Canada. Its market capitalisation is CA$ 609 281 as of today (US$ 452 325, € 397 720). Its stock quote reached its highest recent level on November 26, 2010 at CA$ 0.41, and its lowest recent point on June 28, 2019 at CA$ 0.01. Troymet has 121 856 225 shares outstanding. |