Your browser does not support script

News Releases


Show printable version of 'Troymet Completes $247,500 Flow-Through Share and ...' in a New Window
Email 'Troymet Completes $247,500 Flow-Through Share and ...' to a friend
Subscribe to our Email List

 December 31, 2008
Troymet Completes $247,500 Flow-Through Share and Unit Private Placement

 December 31, 2008 Troymet Exploration Corp. ("Troymet" or the "Company"): Further to press releases dated December 4, 2008 and December 5, 2008, Troymet is pleased to announce that it has completed the closing of a non-brokered private placement consisting of 9,200,000 common shares of the Corporation issued on a "flow-through" basis ("Flow-Through Shares") at a price of $0.025 per Flow-Through Share for a gross proceeds of $230,000 and 700,000 units ("Units") at a price of $0.025 per Unit for gross proceeds of $17,500. Each Unit consisted of one common share (issued on a non-flow-through basis) and one full common share purchase warrant (a "Warrant"). Each Warrant is 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. All of the securities issued in connection with the private placement are subject to a four-month hold period (until May 1, 2009). 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. After giving effect to the private placement, Troymet has 49,793,113 common shares issued and outstanding.

The completion of the private placement is subject to final TSX Venture Exchange approval. Three directors and officers of Troymet participated in the private placement purchasing a total of 1,600,000 Flow-Through Shares and Troymet has determined that there are exemptions available for the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these Flow-Through Shares (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000). No new insiders were created, nor any change of control occurred, as a result of this private placement.

For further information, contact:
Brian Cebryk (250) 890-0607
Kieran Downes (250) 729-0453

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 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.
 
 

You can view the Next News Releases item: Fri Jan 16, 2009, Troymet Completes Second Closing of Private Placement

You can view the Previous News Releases item: Thu Dec 4, 2008, Troymet Announces Financing

You can return to the main News Releases page, or press the Back button on your browser.