Mr. Ghislain Morin reports
TYPHOON CLOSES A $346,500 PRIVATE PLACEMENT
Typhoon Exploration Inc. has closed a private placement of 5,330,769 flow-through common shares at a price of 6.5 cents per share for an aggregate gross proceed of $346,500.
In connection with the offering, Typhoon has paid finders' fees in cash aggregating $16,500 and has issued 253,847 compensation options, each entitling its holder to subscribe for one common share of the company at the price of 10 cents 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-month-and-one-day hold period. The offering remains subject to the final approval of the TSX Venture Exchange.
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). All qualifying expenditures will be renounced in favour of the subscribers of the flow-through shares effective Dec. 31, 2020.
This strategy aims to increase the value of assets of the company for the benefit of its shareholders.
We seek Safe Harbor.
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