January 22, 2010
Troymet Completes $500,000 FinancingJanuary 22, 2010 Troymet Exploration Corp. (“Troymet”): Further to a press release dated December 8, 2009, Troymet has completed the closing of a non-brokered private placement consisting of 10,000,000 units at a price of $0.05 per unit for gross proceeds of $500,000. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at a price of $0.10 per common share for two years from the date of issuance. Proceeds of the private placement will be used for Troymet’s drilling program at McClarty Lake, MB, and for general corporate purposes. A finder’s fee of $31,200 was paid to a finder by the issuance of 624,000 common shares of Troymet. In addition, 624,000 finder’s warrants were issued with each finder’s warrant being exercisable into one common share at a price of $0.05 per common share for a period of two years from the date of issuance of the finder’s warrants. All of the securities issued in connection with the private placement are subject to a four-month hold period (until May 23, 2010).
The completion of the private placement is subject to final TSX Venture Exchange approval. One officer of Troymet participated in the private placement and Troymet has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the units to such officer of Troymet (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000). After giving effect to the private placement, Troymet has 65,417,113 common shares issued and outstanding.
For further information, contact:
Kieran Downes (250) 729-0453; firstname.lastname@example.org
Brian Cebryk (250) 890-0607; email@example.com
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 of accuracy of this news release. This news 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. 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. A description of 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 corporation’s disclosure documents on the SEDAR website at www.sedar.com. The corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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