Business
Troymet Exploration Announces C$1.5 Million Private Placement; Concurrent Share Consolidation
NANAIMO, British Columbia , Nov. 09, 2017 (GLOBE NEWSWIRE) -- Troymet Exploration Corp. (“Troymet”) (TSXV:TYE) is pleased to announce that, subject to TSX Ventu
About this update from Bessor Minerals Inc.
[{"type":"text","content":"NANAIMO, British Columbia , Nov. 09, 2017 (GLOBE NEWSWIRE) -- Troymet Exploration Corp. (“Troymet”) (TSXV:TYE) is pleased to announce that, subject to TSX Venture Exchange (“TSX Venture”) acceptance, Troymet intends to complete: (i) a $1,500,000 non-brokered private placement; and (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. Private Placement Troymet intends to complete a non-brokered private placement for gross proceeds of up to a maximum of $1,500,000 (the “Private Placement”) consisting of a combination of post-Consolidation units of Troymet (“Units”) issued at a price of $0.08 per Unit and post-Consolidation Common Shares issued on a “CEE flow-through” basis pursuant to the Income Tax Act (Canada) (“FT Shares”) at a price of $0.10 per FT Share. Each Unit will consist of one regular (non-flow-through) Common Share and one Common Share purchase warrant (a “Warrant”). The maximum amount of FT Shares that will be issued will be 10,000,000 FT Shares ($1,000,000). There is no maximum amount of Units that will be issued, subject to the maximum $1,500,000 Private Placement (18,750,000 Units if no FT Shares are purchased). Each full Warrant is exercisable for three years from closing (the “Warrant Expiry Date”) into one regular (non-flow-through) post-Consolidation Common Share at $0.15 per Common Share. At any time after four months after the closing date, if the closing price of the Common Shares of Troymet on the TSX Venture is equal to or exceeds $0.25 per Common Share for any period of 10 consecutive trading days (whether or not trading occurs on such days), then Troymet may, at it sole option, within five business days following such 10-day period, accelerate the Warrant Expiry Date by delivery of notice (“Warrant Expiry Acceleration Notice”) to the registered holders of Warrants and also issuing a Warrant Acceleration News Release. In such case, the Warrant Expiry Date shall be deemed to be 4:00 p.m. (Calgary time) on the 30th day following the later of (the “Accelerated Expiry Date”): (i) the date on which the Warrant Acceleration Notice is sent to Warrant holders; and (ii) the date of issuance of the Warrant Acceleration News Release. In such instance,...