Typhoon Exploration Inc.

Typhoon Exploration Inc.

December 20, 2006 10:22 ET

Typhoon Exploration Inc.: Closing of a Private Placement of $ 795,747

LAVAL, CANADA--(CCNMatthews - Dec. 20, 2006) - Typhoon Exploration Inc. (TSX VENTURE:TOO) is pleased to announce that it has concluded on December 15, 2006 an issuance of 3,701,163 units at a price of $0.215 a unit, for a gross proceed of seven hundred ninety five thousand seven hundred and forty seven dollars ($795,747).

Each unit is comprised of one common share at twenty one and a half cent ($0.215) and one warrant exercisable no later than December 15, 2007 at a price of twenty five cents ($0.25) each. The net proceeds from the placement will be used to finance the Company's exploration work at Fayolle and Aiguebelle-Goldfields properties and for its general working capital. After the closing of the private placement, the units (one common share and one warrant) are subject to a hold period of 4 months ending April 16, 2007.

For this Placement, the following cash commissions were allocated : (i) Canaccord Capital corporation $7,461 ; (ii) Wolverton Securities $1,075 ; (iii) finder's fees $48,148.

The Company also announces that it has granted 200,000 stock options to Mr. Jean Lafleur. Each option entitles the latest Director to subscribe to one share of the Company at a price $ 0.25 per share until December 19, 2011. Mr. Lafleur, P. Geo., joined Typhoon's Board of Director on November 23rd 2006. He has more than 25 years of experience in exploration and management.

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)