By Laura Lutz
Des Moines, March 12 - Typhoon Exploration Inc. closed a private placement of units with MineralFields Group for C$1 million.
The company sold 3,333,333 units of one share and one warrant at C$0.30 per unit. Each whole warrant will be exercisable for two years, at C$0.65 in the first year and at C$0.85 in the second year.
Expiry of the warrants may be accelerated to 30 days if, for 10 consecutive trading days, the company's shares trade above C$0.85 in the first year or above C$1.05 in the second year.
The company will have 69,910,182 shares outstanding following the issuance of shares.
Typhoon is a resource exploration company based in Laval, Quebec.
| Issuer: | Typhoon Exploration Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1 million
|
| Units: | 3,333,333
|
| Price: | C$0.30
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65 in the first year; C$0.85 in the second year
|
| Settlement date: | March 9
|
| Stock symbol: | TSX Venture: TOO
|
| Stock price: | C$0.275 at close March 9
|
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