Proceeds slated for exploration programs in British Columbia, Manitoba
By Devika Patel
Knoxville, Tenn., Nov. 2 - Troymet Exploration Corp. said it completed an initial tranche of a non-brokered private placement of shares and units. Union Securities is the bookrunner for the deal, which priced for C$2 million on Oct. 18 and was increased to C$3 million on Oct. 22. The company raised C$2.22 million in this tranche.
The company is selling 11,111,111 flow-through common shares at C$0.18 each, generating C$2 million of proceeds.
Troymet also is selling 6,666,667 units at C$0.15 apiece for C$1 million.
In the first tranche, the company sold 7,690,277 shares and 5,567,500 units.
Each unit consists of one share and one half-share warrant, with each whole two-year warrant exercisable at C$0.25 in the first year and at C$0.35 thereafter.
The strike prices reflect 42.86% and 100% premiums to the Oct. 15 closing share price of C$0.175.
Proceeds will be used for exploration programs at the Key and Golden Eagle properties in British Columbia, for exploration programs at the McClarty Lake property in Manitoba and for general corporate purposes.
Troymet is a gold and base metals exploration company based in Comox, B.C.
| Issuer: | Troymet Exploration Corp.
|
| Issue: | Flow-through common shares, units of one share and one half-share warrant
|
| Amount: | C$3 million
|
| Agent: | Non-brokered
|
| Bookrunner: | Union Securities
|
| Pricing date: | Oct. 18
|
| Upsized: | Oct. 22
|
| Settlement date: | Nov. 1 (for C$2,219,375)
|
| Stock symbol: | TSX Venture: TYE
|
| Stock price: | C$0.16 at close Oct. 18
|
| Market capitalization: | C$10.11 million
|
|
|
| Flow-through shares
|
| Amount: | C$2 million
|
| Shares: | 11,111,111
|
| Price: | C$0.18
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 6,666,667
|
| Price: | C$0.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25 in the first year, C$0.35 thereafter
|
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