PIEDMONT, QC, Nov. 6, 2020
/CNW Telbec/ - Typhoon Exploration Inc. (TSXV:
TYP) ("Typhoon" or "the Company") announces the
participation of an additional subscriber to its private placement
(the "Offering"), which now totals 6,100,000 flow-through
common shares (the "Flow-Through Shares") at a price of
$0.065 per share for an aggregate
gross proceed of $396,500.
As announces earlier, in connection with the Offering, Typhoon
has paid finder fees in cash aggregating $16,500 and has issued 253,847 compensation
options, each entitling its holder to subscribe for one (1)
common share of the Company at the price of $0.10 for a period of 24 months after the
closing of the Offering.
The securities issued as part of the Offering are subject to a
four (4) month and one (1) day hold period. The Offering
remains subject to the final approval of the TSX Venture
The gross proceeds of the Offering will be used to advance
exploration on the properties owned by Typhoon, including its
Aiguebelle-Goldfields Property and its new
Syenite Condor Property, through sample testing and drilling,
making sure the highest standards in environment protection are
met. The Company will incur eligible "Canadian exploration
expenses" that will qualify as "flow-through mining expenditures"
within the meaning of the Income Tax Act (Canada) (the "Qualifying Expenditures"). All
Qualifying Expenditures will be renounced in favour of the
subscribers of the Flow-Through Shares effective December 31, 2020.
This strategy aims to increase the value of assets of the
Company for benefit of its shareholders.
Cautionary Note Regarding Forward-Looking
The information contained herein contains "forward-looking
statements" within the meaning of applicable securities
legislation. Forward-looking statements relate to information that
is based on assumptions of management, forecasts of future results,
and estimates of amounts not yet determinable. Any statements that
express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not
statements of historical fact and may be "forward-looking
statements". Forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ from those reflected in the forward-looking statements,
including, without limitation: risks related to the TSX Venture
Exchange approval, closing of the Offering, use of proceeds, tax
treatment of flow-through shares, risks related to the outcome of
legal proceedings; political and regulatory risks associated with
mining and exploration; risks related to the maintenance of stock
exchange listings; risks related to environmental regulation and
liability; the potential for delays in exploration activities; the
uncertainty of profitability; risks and uncertainties relating to
the interpretation of drill results, the geology, grade and
continuity of mineral deposits; risks related to the inherent
uncertainty of production and cost estimates and the potential for
unexpected costs and expenses; the possibility that future
exploration will not be consistent with the Company's expectations;
risks related to commodity price fluctuations; and other risks and
uncertainties related to the Company's prospects, properties and
business detailed elsewhere in the Company's disclosure record.
Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in forward-looking statements.
Investors are cautioned against attributing undue certainty to
forward-looking statements. These forward-looking statements are
made as of the date hereof and the Company does not assume any
obligation to update or revise them to reflect new events or
circumstances, except in accordance with applicable securities
laws. Actual events or results could differ materially from the
Company's expectations or projections.
SOURCE Typhoon Exploration Inc.