January 16, 2009
16, 2009 Troymet Exploration Corp. (“Troymet” or the “Company”):
Further to a press release dated January 2, 2009, Troymet is pleased to
announce that it has completed a second closing of a non-brokered
private placement consisting of 600,000 units (“Units”) issued at a
price of $0.025 per Unit for gross proceeds of $15,000. Each Unit
consists 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 second closing of the private placement
are subject to a four-month hold period (until May 17, 2009).
In the first closing, announced on January 2, 2009, the Corporation
issued 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 gross proceeds of $230,000 and 700,000 units
(“Units”) at a price of $0.025 per Unit for gross proceeds of $17,500.
Combined proceeds of both tranches of the private placement totaling
$262,500 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 both closings of the private
placement, Troymet has 50,393,113 common shares issued and outstanding.
The completion of the private placement is subject to final TSX Venture
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
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