| ||July 29, 2011|
Troymet Increases Private Placement to $1,500,000
| ||July 29, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet") is pleased to announce that further to its press release dated July 19, 2011, the size of its previously-announced non-brokered private placement has been increased to $1,500,000 (the "Increased Offering") due to market demand. The Increased Offering will consist of a combination of units ("Units") issued at a price of $0.05 per Unit and common shares issued on a "flow-through" basis at a price of $0.07 per common share. Each Unit will consist of one common share in the capital of Troymet (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each full Warrant is exercisable for one year from closing into one Common Share at $0.15 per share. A finder's fee of up to 8% of the gross proceeds of the private placement may be paid in cash or Common Shares on all or any portion of this private placement. Additionally, finder's warrants exercisable into Common Shares of Troymet, may be issued in an amount up to 8% of the number of Units and flow-through Common Shares sold under this private placement. The finder's warrants will be exercisable into Common Shares at a price of $0.05 per Common Share for a period of one year from the date of issuance of the finder's warrants. |
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 regulatory approval.
Proceeds of the private placement will be used for Troymet's exploration programs at the Key and Golden Eagle properties in British Columbia, and for general corporate purposes.
Closing of the financing is anticipated to occur on or around August 12, 2011.
For further information, contact:
Brian Cebryk (250) 890-0607
Kieran Downes (250) 729-0453
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 Troymet'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.
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