By Laura Lutz
Des Moines, Dec. 29 - Typhoon Exploration Inc. closed a private placement with MineralFields Group for C$1 million.
The company sold 3.125 million units of one flow-through share and one warrant at C$0.32 per unit. Each warrant will be exercisable for one non flow-through share for two years, at C$0.65 in the first year and at C$0.85 in the second year.
Expiry of the warrants may be accelerated to 30 days if the company's shares trade above C$0.85 in the first year or above C$1.05 in the second year for 10 consecutive trading days.
Following the placement, the company will have 57,416,276 shares outstanding.
Typhoon is a mining exploration company based in Laval, Quebec.
| Issuer: | Typhoon Exploration Inc.
|
| Issue: | Units of one flow-through share and one non flow-through warrant
|
| Amount: | C$1 million
|
| Units: | 3.125 million
|
| Price: | C$0.32
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65 in the first year; C$0.85 in the second year
|
| Investor: | MineralFields Group
|
| Settlement date: | Dec. 28
|
| Stock symbol: | TSX Venture: TOO
|
| Stock price: | C$0.32 at close Dec. 28
|
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