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or Name
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Typhoon Exploration Inc (2)
Symbol TYP
Shares Issued 36,177,791
Close 2018-12-12 C$ 0.03
Market Cap C$ 1,085,334
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Typhoon Exploration prepares for $500,000 financing

2018-12-14 11:20 ET - News Release

Mr. David Mc Donald reports

UPDATE AND PRIVATE PLACEMENT OF TYPHOON

Typhoon Exploration Inc. is continuing to work on finding a new partner to acquire 100 per cent of the Fayolle project.

A letter of intent with Hecla Quebec Inc., an affiliated company of Hecla Mining Company, was signed on Sept. 14, 2018 (see press release of Sept. 17, 2018), but, at this time, Typhoon does not have the financial resources to complete the transaction.

Preparation of a private placement of a maximum of $500,000

The company announces the preparation of a non-brokered private placement by issuing a total of 6,666,667 flow-through common shares at a price of six cents per share, two million common shares at a price of five cents and 8,666,667 warrants for possible total gross proceeds of $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 the TSX Venture Exchange.

Each warrant will entitle its holder to subscribe for one common share of Typhoon at the price of five cents per share for a period of 36 months following the closing date.

Typhoon will use the private placement proceeds to finance exploration work on its properties.

Extension of warrant expiry date

The company announces that subject to obtaining all required regulatory approvals, it will extend until Dec. 30, 2020, the expiry date of 2.82 million warrants, issued pursuant to a private placement completed on Dec. 30, 2015. The warrants were expiring on Dec. 30, 2018, but this date could be extended for an additional 24 months. Each warrant will entitle its holder to purchase one common share of Typhoon at a price of five cents.

Typhoon has 39,077,849 outstanding shares, of which approximately 55 per cent are owned by insiders and major shareholders.

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