Trelawney Mining and Exploration Inc.
TSX VENTURE : TRR

Trelawney Mining and Exploration Inc.

December 22, 2009 14:51 ET

Trelawney Announces Closing of Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 22, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Trelawney Mining and Exploration Inc. (the "Company") (TSX VENTURE:TRR) is pleased to announce that it has closed its previously announced brokered 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"). 

The Company issued 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 consists 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 until December 22, 2011.

The Company paid the Agents a cash commission of $728,791 and issued broker warrants to acquire up to 1,393,112 Common Shares at a price of $0.50 per share until December 22, 2011.

The net proceeds of the Offering will be utilized for continued exploration and development of the Company's properties in Chester Township and for general working capital purposes.

The securities issued pursuant to the Offering are subject to a four-month hold period. The private placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

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.

Contact Information