Troymet Exploration Corp.
TSX VENTURE : TYE

Troymet Exploration Corp.

October 22, 2010 19:35 ET

Troymet Increases Private Placement to $3,000,000

COMOX, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2010) - Troymet Exploration Corp. (TSX VENTURE:TYE)("Troymet") is pleased to announce that further to its press release dated October 18, 2010, the size of its previously-announced non-brokered private placement has been increased to $3,000,000 (the "Increased Offering") due to market demand. The Increased Offering will consist of up to 6,666,667 units ("Units") at a price of $0.15 per Unit for gross proceeds of up to $1,000,000 and 11,111,111 common shares issued on a "flow-through" basis at a price of $0.18 per common share for gross proceeds of up to $2,000,000. Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each full Warrant is exercisable for two years from closing into one Common Share at $0.25 per share for the first year from closing and $0.35 per share for the second year from closing. A finder's fee of up to 7 percent of the gross proceeds of the private placement may be paid in cash or 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 7 percent of the number of Units and flow-through shares sold under this private placement. The finder's warrants will be exercisable into Common Shares at a price of $0.15 per Common Share for a period of one year 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. Completion of the private placement is subject to regulatory approval. Proceeds of the private placement will be used for Troymet's exploration programs at the Key and Golden Eagle properties in British Columbia, and at the McClarty Lake property in Manitoba, and for general corporate purposes. Closing of the financing is anticipated to occur on or around October 29, 2010.

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 www.sedar.com. 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
    or
    Troymet Exploration Corp.
    Kieran Downes
    (250) 729-0453
    www.troymet.com