Business
Closing of private placement for CDN $ 310,000 and a drilling campaign of close to 28,000 feet on the Fayolle deposit
Closing of private placement for CDN $ 310,000 and a drilling campaign of close to 28,000 feet on the Fayolle deposit.
About this update from Goldflare Exploration Inc
[{"type":"text","content":"\n\n\n\n\nLAVAL, QC, June 22 /CNW Telbec/ - Typhoon Exploration Inc. (TSX Venture:\nTOO) is pleased to announce that it closed a private placement of CDN\n$ 310,000. The Company issued 1,377,640 flow through common shares, 413,230\ncommon shares and 1,790,870 warrants. The agent received a cash payment of 6%\nof the total proceeds and 179,087 non-transferable warrants valid until May\n20, 2006.\nEach unit, sold at a price of $ 1,000 is composed of 4,444 flow through\ncommon shares at a price of $ 0.18 per share, 1,333 common shares at a price\nof $ 0.15 per share and 5,777 warrants including 4,444 warrants that entitles\nthe holder to subscribe to a common share at a price of $ 0.24 on May 20, 2006\nat the latest and 1,333 warrants entitles the holder to subscribe to a common\nshare at a price of $ 0.20 on November 20, 2006 at the latest.\nTyphoon will use 80% of the net proceeds for exploration work on its\nproperties located in QuDebec and the remaining 20% will be used as working\ncapital and general company use.\nThe Summer 2005 drilling campaign on the Fayolle deposit started\nrecently. Typhoon intends to drill close to 28,000 feet in 2005 in order to\nget a better definition of the mineralized lenses and test new targets derived\nfrom the GOCAD model showing a similar geological signature to the Fayolle\ndeposit.\nFurthermore, Typhoon recently put its web site on line. Internauts will\nfind at the address www.explorationtyphon.com all relevant information and the\nlatest news pertaining to Typhoon's exploration activities. The web site\nallows those interested to subscribe to the mailing list and receive freely\nand automatically the press releases.\n\nTyphoon Exploration is a mining exploration company listed on TSX Venture\nExchange under the symbol \"TOO\".\n\nThe TSX Venture Exchange has in no way approved or disapproved the\ncontents of this press release.\n\n\n","length":1941,"tagName":"div"}]