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Tuesday, October 19, 2010 5:33:05 AM
October 18, 2010 Troymet Exploration Corp. ("Troymet"), is pleased to announce that Troymet intends to complete a non-brokered private placement of up to 6,666,667 units ("Units") at a price of $0.15 per Unit for gross proceeds of up to $1,000,000 and 5,555,556 common shares issued on a "flow-through" basis at a price of $0.18 per common share for gross proceeds of up to $1,000,000. Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each full Warrant is exercisable for two years from closing into one Common Share at $0.25 per share for the first year from closing and $0.35 per share for the second year from closing. A finder's fee of up to 7 percent 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 7 percent 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 $0.15 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, and at the McClarty Lake property in Manitoba, and for general corporate purposes.
Union Securities will be assisting in the offering by acting as book runner.
Closing of the financing is anticipated to occur on or around October 29, 2010.
For further information, contact:
Brian Cebryk (250) 890-0607
Kieran Downes (250) 729-0453
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