Laval, Canada, December 28, 2007 - Typhoon
Exploration Inc. announces the
closing of a placement of $589,000 through an
Offering Memorandum. The shares and the warrants are subject to a hold
period of four months and (1) one day following the date of this placement,
during which the transfer or sale of these shares is not permitted before
April 29th 2008 and the warrants are exercisable until 17h00
EST, December 29 2009. �
Each A Unit sold at a
price of $1,000 is comprised of 5,000 flow-through shares at a price of
$0.16 a share and 1,818 common (non-flow-through) shares at a price of
$0.11 a share. 571 A units were subscribed
for.�����
Each B Unit (non-flow-through) sold at a price of $1,000 is
comprised of 9,090 common shares at a price of $0.11 a share and 9,090
warrants each allowing the holder to subscribe to one (1) common share at a
price of $0.15 beginning on the closing date of this financing for the
first 12 months and at a price of $0.20 for the following twelve
months.� 18 B Units were subscribed for.
Typhoon will allocate 80% of
the A Units for exploration works on its properties located in
Quebec and 20%
will be allocated to the working capital and for general purposes of the
company whereas 100% of the proceeds from B Units will be allocated to the working capital of the
company.
For
this placement, finder�s fees of approximately $34,200 will be paid.
This
placement is subject to the Stock Exchange approval and relies on Typhoon�s
ability to fulfill all the applicable requirements in accordance with this
placement.
The
common shares of Typhoon
Exploration are listed on the TSX Venture Exchange under the symbol � TOO �.�
Contact and information
David Mc Donald, CEO
Tel.: (450) 622-4066 � FAX: (450) 622-4337
Toll-free
1-877-622-4004
info@explorationtyphon.com
www.explorationtyphon.com
TSX-V: TOO
Statements
in this release that are not historical facts are � forward-looking
statements � within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Readers are cautioned that any such statements are not
guarantees of future performance, and that actual developments or results
may vary materially from those in these � forward-looking statements �. The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
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