Typhoon Exploration Inc.

Typhoon Exploration Inc.

December 21, 2006 15:08 ET

Typhoon Exploration Inc.: Closing of a Private Placement of $500,000

LAVAL, CANADA--(CCNMatthews - Dec. 21, 2006) - Typhoon Exploration Inc. (TSX VENTURE:TOO) is pleased to announce that it has concluded on December 20, 2006 a private placement of $500,000. A finder's fee of $50,000 will be paid to Canaccord Capital Corporation. With respect to the financing, the company will issue 1,333,500 flow-through common shares and 400,000 (non flow-through) common shares. The shares 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 22nd, 2007.

Each unit 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).

Typhoon will allocate 80% of the proceeds to exploration work on its properties located in Quebec and 20% will be allocated to the working capital and for general purposes of the company.

The drilling campaign 2006 on Aiguebelle-Goldfields has recently begun. Typhoon plans to carry out about 20 thousand meters of drilling in 2007 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".

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. 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)