October 18, 2010
October 18, 2010 Troymet Exploration Corp. (“Troymet”), is pleased to
announce that Troymet intends to complete a non-brokered private
placement of up to 6,666,667 units (“Units”) at a price of $0.15 per
Unit for gross proceeds of up to $1,000,000 and 5,555,556 common shares
issued on a “flow-through” basis at a price of $0.18 per common share
for gross proceeds of up to $1,000,000. Each Unit will consist of one
common share (a “Common Share”) and one half of one Common Share
purchase warrant (a “Warrant”). Each full Warrant is exercisable for
two years from closing into one Common Share at $0.25 per share for the
first year from closing and $0.35 per share for the second year from
closing. A finder’s fee of up to 7 percent 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 7 percent 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 $0.15 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 at the McClarty Lake property in Manitoba, and for general
Union Securities will be assisting in the offering by acting as book runner.
Closing of the financing is anticipated to occur on or around October 29, 2010.
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
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
corporation does not undertake to update any forward-looking information
except in accordance with applicable securities laws.
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