From the Wires
Western Troy Announces $1,600,000 Financing
By: Marketwired .
Dec. 3, 2009 03:48 PM
TORONTO, ONTARIO -- (Marketwire) -- 12/03/09 -- Western Troy Capital Resources Inc. (TSX VENTURE: WRY) (the "Company" or "Western Troy") is pleased to announce a non-brokered private placement (the "Private Placement") of $1,600,000 through the sale of 4,000,000 Flow-Through Units (the "Units") at a price of $0.40 per Unit.
Each Flow-Through Unit will consist of one common share (the "Common Shares") to be issued on a "flow-through" basis under the Income Tax Act (Canada) and one-half of one transferable share purchase warrant of the Company (the "Unit Warrants"). Each Unit Warrant will have a term of 24 months (the "Term") and will entitle the holder to purchase one Common Share at a price of $0.50 per share in the first year of the Term and $0.60 in the second year of the Term.
All securities to be issued pursuant to this Private Placement will be subject to a four-month hold period. Subject to regulatory approval, the Company will pay a finder's fee equal to 5% of the completed Private Placement, and further, the Company will issue finder's fee options equal to 10% of the number of Units subscribed for to an arm's length party.
The gross proceeds of the Private Placement will be used to finance continued exploration programs at Western Troy's exploration projects located throughout Quebec and environmental and feasibility work at Western Troy's MacLeod Lake Project. The Private Placement is subject to approval by the TSX Venture Exchange.
About Western Troy: Western Troy Capital Resources Inc. is a mineral exploration company. Its 100% owned MacLeod Lake Project, located about 275 km north of Chibougamau, Quebec, hosts a well defined Main Zone of mineralization as outlined by extensive drilling. In addition, a South Zone resource and several IP anomalies of potential interest have been identified. In April of 2008, Western Troy received an independent Preliminary Assessment (Scoping Study) consistent with National Instrument 43-101 on its MacLeod Lake Property. The report has been filed on SEDAR and is available at www.SEDAR.com and on Western Troy's website, www.WesternTroy.com. Western Troy also has a number of early stage molybdenum, copper, gold, rare earths, uranium, platinum, and other minerals exploration properties in Quebec. The shares of Western Troy trade on the TSX Venture Exchange under the symbol WRY, with 19,284,970 shares outstanding.
This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to mining and exploration operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates; accident; labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Rex E. Loesby, P.E., is the qualified person that has reviewed the content of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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