Troymet Announces $500,000 Private Placement and Review of Strategic Alternatives
November 28 2011 - 9:01AM
Marketwired
Troymet Exploration Corp. ("Troymet") (TSX VENTURE:TYE), 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 warrants.
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 Troymet.
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.
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.
Davis:10067531.3
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.
Contacts: Troymet Exploration Corp. Brian Cebryk (250) 890-0607
Troymet Exploration Corp. Kieran Downes (250)
729-0453www.troymet.com
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