Minerals Company, Troy, Successfully Concludes Oversubscribed Life Offer
Troy Minerals Raises CAD 1.5 Million in LIFE Offering
Troy Minerals Inc., a mineral exploration company, has announced the successful completion of its LIFE Offering, raising CAD 1.5 million by issuing 15 million units at CAD 0.10 per unit. Each unit consists of one common share and one-half of one common share purchase warrant.
The LIFE Offering saw Troy Minerals issue units under Part 5A of National Instrument 45-106 - Prospectus Exemptions. The securities forming part of the Units issued to Canadian resident subscribers are not subject to resale restrictions, but warrants and shares from warrants have a 4-month hold period. The company paid cash finder's fees of approximately CAD 43,062 in connection with the offering.
Each whole warrant entitles the holder to acquire an additional common share at $0.15 per common share for a period of two years. The warrants, and any shares issued on exercise of the warrants, are subject to a contractual hold period expiring four months from the closing date of the offering.
The funds raised from the LIFE Offering will be used for the Company's exploration and development activities. However, it is important to note that the actual results may differ materially from those contained in forward-looking statements due to known and unknown risks, uncertainties, and other factors.
The Table Mountain Project, where Troy Minerals has a high-purity silica resource, has very low impurities and excellent infrastructure access near the Trans-Canada highway and railway. This supports plans for further exploration and development at the Project.
The Company recently filed a NI 43-101 technical report confirming a maiden inferred mineral resource of approximately 56.9 million tonnes of high-purity silica averaging 98.91% SiO₂ at its Table Mountain Project in British Columbia. The resource is open for expansion.
For more information about Troy Minerals and its activities, you can connect with the company through an Investor Presentation. The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Rana Vig, CEO and Director of Troy Minerals Inc., made the announcement on behalf of the Board. For further inquiries, you can contact Rana Vig at Telephone: 604-218-4766 or email: [email protected].
The successful completion of Troy Minerals' LIFE Offering, which raised CAD 1.5 million, indicates a significant investment in the business sector, specifically the industry of mineral exploration. The funds raised will be allocated towards the company's exploration and development activities, involving finance for further exploration and development at the Table Mountain Project.
