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Typhoon Exploration Inc Announces Fourth Private Placement of $500,000 with Aurizon Mines


Tuesday, 18 Jun 2013 05:22pm EDT 

Typhoon Exploration Inc announced that is has issued 5,555,556 Class A shares (the Common Shares) at a price of $0.09 per Common Share to Aurizon Mines Ltd. (Aurizon) for gross proceeds of $500,000 by way of a private placement made under applicable prospectus exemptions (the "Private Placement"). The issue price per Common Share was based on the volume-weighted average trading price on the TSX Venture Exchange for the 15-day period ending on June 13, 2013. The Common Shares are subject to a statutory four month and one day hold period ending on October 19, 2013. Immediately prior to the closing of the Private Placement, Aurizon had beneficial ownership of, or direction and control over, directly or indirectly, 3,166,738 Common Shares of Typhoon, representing 13.13% of the issued and outstanding Common Shares of Typhoon. Following the Private Placement, the percentage of Common Shares of Typhoon beneficially owned or controlled by Aurizon, and its sole shareholder Hecla Mining Company, increased from 13.13% to 29.41% of the issued and outstanding Common Shares of Typhoon. Typhoon's Board of Directors has waived the application of its shareholders rights plan dated January 5, 2013 with Computershare Investor Services Inc. with respect to the Private Placement. 

Company Quote

0.115
-0.015 -11.54%
22 Jul 2014