Troymet Exploration Corp.
TSX VENTURE : TYE

Troymet Exploration Corp.

July 08, 2008 20:06 ET

Troymet Completes $1,300,000 Unit Private Placement

COMOX, BRITISH COLUMBIA--(Marketwire - July 8, 2008) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company"): Further to a Press Release dated June 6, 2008 issued by Troymet, Troymet has completed the closing of the non-brokered private placement consisting of 16,250,000 units ("Unit") at a price of $0.08 per Unit for gross proceeds of $1,300,000. Each Unit consisted of one common share and one common share purchase warrant ("Warrant"). Each Warrant is exercisable into one common share at $0.20 per share until July 8, 2010. All of the securities issued in connection with the private placement are subject to a four-month hold period (until November 9, 2008). The completion of the private placement is subject to final TSX Venture Exchange approval and certain delivery against payment exchanges. Directors and officers of Troymet participated in the offering and Troymet has determined that there are exemptions available for the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the Units to directors and officers of Troymet.

Proceeds of the private placement will be used for exploration of the Golden Eagle Project, option payments on Troymet's mineral properties, general and administrative expenses and working capital. After giving effect to the private placement, Troymet has 39,893,114 common shares issued and outstanding.

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, and future costs and expenses being based on historical costs and expenses, adjusted for inflation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Company; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Troymet Exploration Corp.
    Tracy Hurley
    (250) 468-5557
    or
    Troymet Exploration Corp.
    Kieran Downes
    (250) 729-0453
    Website: www.troymet.com