Typhoon Exploration Inc. announces that it has completed a non-brokered Private Placement by issuing a total of 2,920,000 flow-through common shares at a price of $0.05 per share, for total gross proceeds of CAD$146,000.
The securities issued in the Private Placement are subject to a four-month-and-one-day hold period expiring on May 01, 2016, pursuant to applicable securities legislation and the rules of TSX Venture Exchange. Typhoon's directors subscribed for 13,7 % of the securities in this placement.
Each unit is comprised of one (1) common share and one (1) subscription warrant. Each whole 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, that is to say until December 30, 2018.
Typhoon will use the Private Placement proceeds to finance exploration work on its properties.
As a result of the Private Placement, there are 35,426,791 common shares of Typhoon issued and outstanding.
The common shares of Typhoon are listed on the TSX Venture Exchange under the symbol "TYP".
WORK COMPLETED (Aiguebelle-Goldfields)
Line cutting as well as an IP-OreVision survey have been completed on the Aiguebelle-Goldfields showing and the southeastern portion of the property. These works have for goal to better characterize known gold-bearing zones and help define future drilling targets.
Source: http://www.typhoonexploration.com/