Troymet Exploration Corp.

Troymet Exploration Corp.

August 30, 2007 18:44 ET

Troymet Completes $1,500,000 Unit and Flow-Through Share Private Placement

CALGARY, ALBERTA--(Marketwire - Aug. 30, 2007) - Troymet Exploration Corp. ("Troymet"): Further to a Press Release dated August 7, 2007 issued by Signet Minerals Inc., Kieran Downes, President and a director of Troymet, announces that Troymet completed the closing of a brokered private placement consisting of 5,000,000 units at a price of $0.10 per unit and 8,333,333 common shares issued on a flow-through basis ("Flow-Through Shares") at a price of $.12 per Flow-Through Share for gross proceeds of $1,449,999.96. Each unit consisted of one common share and one-half of one common share purchase warrant. Each warrant is exercisable into one common share at $0.15 per share until August 29, 2009. The private placement was brokered by Toll Cross Securities Inc. who received a commission of $98,140 and broker's warrants to purchase 869,983 common shares of Troymet at $0.10 per share until August 29, 2009. All of the securities issued in connection with the private placement are subject to a four-month hold period (until December 30th, 2007). The private placement is subject to final TSX Venture approval. 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 23,612,944 common shares issued and outstanding.

Troymet has received conditional approval of the listing (the "Listing") of its common shares on the TSX Venture Exchange Inc. Listing will be subject to Troymet meeting the original listing requirements of the TSX Venture Exchange Inc. Troymet will update shareholders of its listing application in future press releases.

Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of the company - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.


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

Contact Information

  • Troymet Exploration Corp.
    Tracy Hurley
    (604) 948-0777
    or
    Troymet Exploration Corp.
    Kieran Downes
    (250) 729-0453