Typhoon Exploration Inc.
TSX VENTURE : TYP

Typhoon Exploration Inc.

December 29, 2006 17:01 ET

Typhoon Exploration Inc.: Closing of a Financing of Canadian $2,101,200

LAVAL, CANADA--(CCNMatthews - Dec. 29, 2006) - Typhoon Exploration Inc. (TSX Venture:TOO) is pleased to announce the closing on December 29, 2006 of a placement of Canadian $2,101,200 through an offering memorandum. The shares and the warrants are subject to a holding period of four months, following the date of this placement, during which the transfer or sale of these shares is not permitted before April 30th, 2007 and the warrants are exercisable until 17h00 EST, December 29, 2007.

Each unit A sold at a price of $1,000 is comprised of 2 667 flow-through shares at a price of $0.30 and 800 common shares at $0.25 each (non-flow-through), 1,953.2 A units were subscribed for.

Each unit B sold at a price of $1,000 is comprised of 4,000 common shares at a price of $0.25 a share and 4,000 warrants each allowing the holder to subscribe to one (1) common share at a price of $0.30 beginning on the closing date of this financing and ending December 29,2007 at 17h00 EST, twelve (12) months following closing date, 148 B units were subscribed for.

Typhoon will allocate 80% of the units A for exploration works on its properties located in Quebec and 20% will be allocated to the working capital and for general purposes of the company and 100% of the proceeds of units B will be allocated to the working capital of the company to study the acquisition of new exploration projects in order to diversify the company's portfolio.

For this placement, finder's fees of approximately $160,000 will be paid.

The drilling campaign on Aiguebelle-Goldfields is proceeding as planned. Typhoon plans to carry out about 20 thousand meters of drilling in order to delineate the mineralized zones and to test new targets. The first drill assay results are expected by mid-January 2007.

The common shares of Typhoon Exploration are listed on the TSX Venture Exchange under the symbol "TOO".

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

Contact Information

  • Typhoon Exploration Inc.
    Mr David Mc Donald
    President and chief executive officer
    450-622-4066 or Toll Free: 1-877- 622-4004
    450-622-4337 (FAX)
    www.explorationtyphon.com