LAVAL, Quebec, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Typhoon Exploration Inc. (TSX-V: TYP) announces that the Corporation continues to work on finding a new partner to acquire 100% of the Fayolle project.
A letter of intent with Hecla Quebec Inc. (“Hecla”), an affiliated company of Hecla Mining Company (NYSE: HL) was signed on September 14, 2018 (see press release of September 17,2018) but at this time, Typhoon doesn’t have the financial resources to complete the transaction.
PREPARATION OF A PRIVATE PLACEMENT OF A MAXIMUM OF $500,000
The company announces then preparation of a non-brokered Private Placement by issuing a total of 6,666,667 flow-through common shares at a price of $0.06 per share, 2,000,000 common shares at a price of $0.05 and 8,666,667 warrants, for possible total gross proceeds of CAD$500,000. The securities issued in the Private Placement are subject to a four-month-and-one-day hold period, pursuant to applicable securities legislation and the rules of TSX Venture Exchange.
Each warrant will entitle its holder to subscribe for one (1) common share of Typhoon at the price of $0.05 per share for a period of thirty-six (36) months following the closing date.
Typhoon will use the Private Placement proceeds to finance exploration work on its properties.
EXTENSION OF WARRANTS EXPIRY DATE
The company announces that subject to obtaining all required regulatory approvals, it will extend until December 30, 2020 the expiry date of 2,820,000 Warrants, issued pursuant to a private placement completed on December 30, 2015. The Warrants were expiring on December 30, 2018, but this date could be extended for an additional 24 months. Each Warrant will entitle its holder to purchase one (1) common share of Typhoon at a price of 0.05$.
Typhoon has 39,077,849 outstanding shares, of which approximately 55% are owned by insiders and major shareholders.
Typhoon’s common shares are listed on the TSX Ventures Exchange under the stock symbol “TYP”.
FOR MORE INFORMATION
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.