Mr. Stephen Dunn reports
WESTERN TROY COMPLETES $364,125 PRIVATE PLACEMENT
Western Troy Capital Resources Inc. has completed a non-brokered private placement previously announced on June 21, 2021, for aggregate gross proceeds of $364,125. The private placement involves the issuance of 2,427,500 units at a price of 15 cents per unit. Each unit consists of one common share in the capital stock the company and one warrant. Each warrant will entitle the holder to purchase one common share for 20 cents at any time within one year after closing. All securities issued pursuant to this private placement will be subject to a four-month hold period.
Insiders of the company acquired directly and indirectly a total of $30,000 worth of units or 200,000 units in the private placement on the same basis as other participants. The direct and indirect participation in the private placement by an insider of the company constitutes a related party transaction as such term is defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the formal valuation (Section 5.5(b)) and minority approval requirements (Section 5.7(1)(b)) under MI 61-101.
A material change report in connection with the private placements will be filed less than 21 days before the closing of the private placement. The company believes this shorter period is reasonable and necessary in the circumstances as the company wished to complete the private placements in a timely manner.
The company intends to use the proceeds of the private placement toward for project investigation and acquisition costs, and for general working capital purposes.
About Western Troy Capital Resources Inc.
Western Troy has been engaged in mineral exploration and mine development, and is reviewing potential alternatives to enhance shareholder value.
We seek Safe Harbor.
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