October 22, 2010
October 22, 2010 Troymet Exploration Corp. (“Troymet”) is pleased to
announce that further to its press release dated October 18, 2010, the
size of its previously-announced non-brokered private placement has been
increased to $3,000,000 (the “Increased Offering”) due to market
demand. The Increased Offering will consist 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 11,111,111 common shares issued on a “flow-through” basis
at a price of $0.18 per common share for gross proceeds of up to
$2,000,000. 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 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
corporate purposes. 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.
You can view the Next News item:November 1st, 2010, Troymet Closes First Tranche of Private Placement
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