Trelawney Mining and Exploration Inc.

Trelawney Mining and Exploration Inc.

December 21, 2009 11:21 ET

Allocation Determined for Trelawney Offering

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2009) -


Trelawney Mining and Exploration Inc. (the "Company") (TSX VENTURE:TRR) reports, further to its press release of December 4, 2009, that it has determined the allocations of it previously announced "best efforts" private placement (the "Offering") led by Jennings Capital Inc., as lead agent in an investment deal syndicate including Raymond James Ltd. and Blackmont Capital Inc. (collectively, the "Agents").

In connection with the Offering, the Company will issue an aggregate of 15,296,600 units ("Units") at a price of $0.50 per Unit, in addition to 4,605,000 flow through common shares ("Flow Through Shares") at a price of $0.60 per Flow Through Share for aggregate gross proceeds of $10,411,300.

Each Unit will consist of one common share (a "Common Share") of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant") with each Warrant entitling the holder thereof to purchase a Common Share at an exercise price of $0.70 for a period of two years following the closing of the Offering.

The Agents will be paid a cash commission equal to 7% of the gross proceeds of the Offering and the Company will also issue broker warrants ("Broker Warrants") exercisable to purchase Common Shares equal to 7% of the aggregate number of Flow Through Shares and Units sold pursuant to the Offering. Each Broker Warrant entitles the Agents to acquire one Common Share at a price of $0.50 for a period of two years from the date of the closing of the Offering.

Proceeds of the Offering will be used for further exploration and development of the Chester Property and for general working capital purposes.

The Company is also pleased to announce the appointment of Andres Tinajero as Vice-President, Finance in addition to his current position as Chief Financial Officer of the Company. In addition, Mr. David Beillartz has been appointed Vice-President, Exploration of the Company.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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 or accuracy of this release.

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