Troymet Exploration Corp.

Troymet Exploration Corp.

December 08, 2009 17:07 ET

Troymet Announces $500,000 Private Placement

COMOX, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2009) - Troymet Exploration Corp. ("Troymet") (TSX VENTURE:TYE), is pleased to announce that it intends to complete a non-brokered private placement of up to 10,000,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of up to $500,000. Each Unit will consist of one common share (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant is exercisable at $0.10 per Common Share for a period of two years from closing. A finder's fee of up to 8 percent of the gross proceeds of the private placement may be paid in 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 8 percent of the number of Units sold under this private placement. The finder's warrants will be exercisable into Common Shares at a price of $0.05 per Common Share for a period of two years 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. Proceeds of the private placement will be used for Troymet's drilling program at McClarty Lake, MB, and for general corporate purposes. Closing of the financing is anticipated to occur on or around December 15, 2009.

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 The corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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 release.

Contact Information

  • Troymet Exploration Corp.
    Brian Cebryk
    (250) 890-0607
    Troymet Exploration Corp.
    Kieran Downes
    (250) 729-0453