Trillium Closes Equity Financing for Gross Proceeds of $369,170
Not For Distribution to U.S. News Wire Services or For Dissemination in the United States
Thunder Bay, Ontario CANADA, November 29, 2011 /FSC/ - Trillium North Minerals Ltd. (TNM - TSX Venture), announces that on November 28, 2011 it received acceptance from the TSX Venture Exchange to its private placement announced November 22, 2011.
In accordance with the provisions of the Subscription Agreements received, on November 29, 2011 the Company issued:
- a total of 1,431,000 FT Units at $0.07 per FT Unit, each FT Unit consisting of one flow-through common share and one-half (1/2) share purchase warrant, each whole warrant entitling the holder to purchase one additional common share at $0.10 per share on or before November 28, 2014; and
- a total of 5,380,000 NFT Units at $0.05 per NFT Unit, each NFT Unit
consisting of one common share and one-half (1/2) share purchase warrant, each whole warrant entitling the holder to purchase one (1) additional common share at $0.10 per share on or before November 28, 2014.
The Company also paid $9,408 cash and issued 456,000 Agent's Options as
finder's fees, each Agent's Option being exercisable on or before November 28, 2013 at an exercise price of $0.05 per Agent's Option into one non flow-through common share and one-half share purchase warrant, each whole warrant entitling the Agent to purchase one additional non-flow- through common share, exercisable at $0.10 per share on or before November 28, 2014.
All of these shares, including any shares issued on exercise of the warrants, will be subject to a hold period under applicable Canadian securities laws expiring on March 30, 2012, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.
Proceeds of $ 100,170 raised from the Flow- Through private placement will be used for exploration of the Company's West Porcupine gold property located in Ontario, such that the exploration work will qualify as Canadian Exploration Expense for the purposes of the Income Tax Act (Canada), which will then be renounced by the Company to the placees.
ON BEHALF OF THE BOARD
Elliot Strashin, President and CEO
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 or accuracy of this release.
To view this release as a webpage, please click the following link:
http://www.usetdas.com/pr/trillium11292011.htm
TRILLIUM NORTH MINERALS LTD.
500 -- 20 Maud Street, TORONTO
Ontario, CANADA M5V 2M5
Telephone: (416) 504-0077 Fax: (416) 504-6019
402 -- 905 West Pender Street, VANCOUVER
British Columbia, CANADA V6C 1L6
Telephone: (604) 681-1909 Fax: (604) 689-5930
Source: Trillium North Minerals Ltd (TSX-V - TNM) http://www.strashindevelopments.com
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