November 28, 2011
November 28, 2011 Troymet Exploration Corp. (“Troymet”), is pleased to
announce that Troymet intends to complete a non-brokered private
placement of up to $500,000 consisting of a combination of units
(“Units”) issued at a price of $0.055 per Unit and common shares issued
on a “flow-through” basis at a price of $0.075 per common share. Each
Unit will consist of one common share in the capital of Troymet (a
“Common Share”) and one Common Share purchase warrant (a “Warrant”).
Each full Warrant is exercisable for one year from closing into one
Common Share at $0.15 per share. 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 and flow-through
Common Shares sold under this private placement. The finder’s warrants
will be exercisable into Common Shares at a price of $0.055 per Common
Share for a period of one year from the date of issuance of the finder’s
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,
the McClarty Lake property in Manitoba, the strategic alternatives
review (discussed below) and for general corporate purposes.
Closing of the financing is anticipated to occur on or around December 20, 2011.
Strategic Alternatives Review
The Board of Directors of Troymet has appointed a special committee
comprising of Richard Kusmirski and David Billard with a mandate to
undertake a process to evaluate the various strategic alternatives
available to Troymet with the goal of maximizing shareholder value.
These alternatives may include, but are not limited to, the spinout of
certain properties of Troymet or other business combinations involving
No decision on any particular alternative has been reached at this time
and there can be no assurance that the process will result in any change
in Troymet’s current operations, nor that Troymet will pursue any
particular transaction or that any transaction will be concluded.
Troymet does not intend to make any further announcement regarding the
strategic alternatives review unless and until its Board of Directors
has approved a specific transaction, if any, or another course of action
has been approved or the Board of Directors otherwise deems disclosure
of developments is appropriate.
For further information, contact:
Brian Cebryk (250) 890-0607
Kieran Downes (250) 729-0453
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 or accuracy of this news
release. This press 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. In particular, this press
release contains forward looking information in respect of the strategic
alternatives review. 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. In
particular, there is no guarantee that the strategic alternatives review
will result in any change in Troymet’s current operations, nor that
Troymet will pursue any particular transaction or that any transaction
will be concluded. A description of certain 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 company’s disclosure documents on the
SEDAR website at www.sedar.com
. The company does not undertake to
update any forward-looking information except in accordance with
applicable securities laws.
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