| ||December 04, 2008|
Troymet Announces Financing
| ||Troymet Exploration Corp. ("Troymet" or the "Company"): Kieran Downes, President and Chief Executive Officer of Troymet is announcing that Troymet intends to complete a non-brokered private placement for gross proceeds of up to $400,000. The private placement will consist of up to 10,000,000 common shares of Troymet to be issued on a "flow-through" basis at a price of $0.025 per Flow-Through Share for a gross proceeds of up to $250,000 and up to 6,000,000 units of Troymet ("Units") at a price of $0.025 per Unit for gross proceeds of up to $150,000. Each Unit will be comprised of one common share (issued on a non-flow-through basis) and one full common share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one common share for two years from the date of issuance at a price of $0.05 during the first year of the Warrant and at $0.10 during the second year of the Warrant. A finder's fee of up to 10% of the gross proceeds of the private placement may be paid on all or any portion of this private placement.|
It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the private placement. Completion of the private placement is subject to TSX Venture Exchange approval. Proceeds of the private placement will be used to carry out exploration and development on Troymet's current properties, to pay accounts payable and for general working capital.
For further information, contact:
Brian Cebryk (250) 890-0607
Kieran Downes (250) 729-0453
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, and future costs and expenses being based on historical costs and expenses, adjusted for inflation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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