LAVAL, QUÉBEC--(Marketwire - June 13, 2011) - Typhoon Exploration Inc. – (News - Market indicators) is pleased to announce that the second subscription by Aurizon Mines Ltd ("Aurizon") for aggregate proceeds of $500,000 was completed on June 9, 2011. In total Typhon issued 633 905 common shares at a price of $0.788 per share. The securities issued under the offering will be subject to a four-month-and-one-day hold period ending on October 10, 2011.
Reminder of the Agreement (May 18 th 2010):
Aurizon has been granted a first option to acquire a 50% interest in the Fayolle project by incurring a total of $10,000,000 in exploration works over a period of 4 years, of which an amount of $3,500,000 in the first 2 years constitutes a firm commitment from Aurizon; and by subscribing over a three year period for common shares of Typhoon for gross proceeds of $2,000,000, in 4 equal tranches of $500,000, of which an amount of $1,000,000 in the first year constitutes a firm commitment from Aurizon.
Following the exercise of the first option, Aurizon will have the option, over a period of 2 years, to acquire an additional 15% interest in the project by delivering a feasibility study to Typhoon or by incurring on the project additional investments allowing Aurizon to acquire an additional 1% interest in the project for every tranche of $1,000,000 incurred in investments, for a maximum of $15,000,000.
ABOUT TYPHOON
Typhoon targets the excellent mineral potential and investment climate in Quebec for the development of new world class gold deposits and is proud to count on renowned partners such as Aurizon Mines Ltd. (www.aurizon.com). Their support and that of its investors contribute greatly to the success of the company.
A drilling campaign of 50,000 metre is underway on Fayolle Project and results of exploratory drilling and definition drilling on Fayolle Deposit will be available shortly.
All work is carried out by Resources Lutsvisky Inc., under the supervision of Typhoon Exploration Inc, acting as operator.
The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol "TYP".
Forward-Looking Statements
This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Typhoon. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Typhoon will derive therefrom. Forward-looking information is based on the estimates and opinions of Typhoon's management at the time the information is released and Typhoon does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. 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.
Symbol:
TYP.V (Venture Exchange)
Financial Profile:
19,905,657 Shares outstanding
$4.7 million dollars in cash and carrying no debt
Highlights:
Winner of the 2010
Entrepreneur of the Year Award (granted by the AEMQ)
Winner of the 2010 e3 Plus Award for Responsible Exploration (granted by the AEMQ)
All work is carried out by Ressources Lutsvisky Inc.under the supervision of Typhoon Exploration Inc.