Business
Troymet Announces $500,000 Private Placement, 10 for 1 Share Consolidation and Name Change
NANAIMO, British Columbia, March 04, 2019 (GLOBE NEWSWIRE) -- THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STAT
About this update from Bessor Minerals Inc.
[{"type":"text","content":" NANAIMO, British Columbia, March 04, 2019 (GLOBE NEWSWIRE) -- THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES. Troymet Exploration Corp. (“Troymet”) is pleased to announce that, subject to TSX Venture Exchange (“TSX Venture”) acceptance, Troymet intends to complete: (i) a non-brokered private placement of up to $500,000 at a post-consolidation price of $0.05 per common share (“Private Placement”); (ii) a consolidation (the “Consolidation”) of the common shares in the capital of Troymet (“Common Shares”) on the basis of 10 pre-Consolidation Common Shares for 1 post-Consolidation Common Share; and (iii) a change of name to “Bessor Minerals Inc.” Private Placement Troymet intends to complete the Private Placement for gross proceeds of $500,000 using available prospectus exemptions under securities laws including the accredited investor exemption and the close friends, family and business associates exemption. Any investors interested in participating in the Private Placement should contact Troymet pursuant to the contact information set forth below. Proceeds of the private placement are anticipated to be used for general corporate purposes. Closing of the Private Placement is anticipated to occur on or around April 30, 2019. A finder’s fee of up to 6% 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. Troymet currently has 124,356,225 Common Shares issued and outstanding. After giving effect to the Consolidation, but prior to the closing of the Private Placement, Troymet will have 12,435,623 Post-Consolidation Common Shares issued and outstanding. Assuming that the Private Placement is fully subscribed, Troymet will issue 10,000,000 on the Private Placement and will have 22,435,623 Post-Consolidation Common Shares issued and outstanding after the completion of the Consolidation and the Private Placement. All securities to be issued as part of the Private Placement will be issued after the Consolidation and on a post-Consolidation basis. 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. Any participation by insiders of Troymet in the Private Placement will be on the same terms as arm’s lengt...