|By Marketwired .||
|August 20, 2013 07:49 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/20/13 -- Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet"), is pleased to announce that Troymet intends to complete a non-brokered private placement for aggregate gross proceeds of up to $885,600 consisting of 88,560,000 units of the Corporation ("Units") issued at a price of $0.01 per Unit with each Unit comprised of one common share ("Common Share") in the share capital of the Corporation and one-third (1/3) of one Common Share purchase warrant (a "Warrant"). Each full Warrant is exercisable for one year from closing into one Common Share at $0.05 per share and at $0.10 per share in the second and third year from closing. A finder's fee of up to 8% 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 8% of the number of Units sold under this private placement. The finder's warrants will be exercisable into Common Shares at a price of $0.05 per Common Share for a period of one year from the date of issuance of the finder's warrants. Any shareholder interested in participating in the financing should contact the Company.
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 to fund Troymet's exploration expenditures including the costs of drill testing at the Key property along with a limited bulk till program on this property and to fund general working capital.
Closing of the financing is anticipated to occur on or around September 20, 2013.
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. 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 the corporation'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.