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Troilus Closes C$6,223,000 Non-Brokered Private Placement of Flow-Through Shares

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Troilus Closes C$6,223,000 Non-Brokered Private Placement of Flow-Through Shares






Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) is pleased to announce that it has closed its previously announced non-brokered private placement financing of an aggregate of 7,036,900 common shares of the Company that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and, in relation to FT Tranche Two also qualify as “flow-through shares” within the meaning of section 359.1 of the Taxation Act (Québec)). 


The Flow-Through Shares were issued in two tranches:


  • Tranche 1 consisting of an aggregate of 5,813,900 Flow-Through Shares issued to funds managed by each of Sprott Asset Management LP, Goodman & Company Investment Counsel Inc. and Middlefield Group (each resident outside of the Province of Québec) at a price of C$0.86 per share for aggregate gross proceeds of approximately C$5 million; and
  • Tranche 2 consisting of an aggregate of 1,223,000 Flow-Through Shares issued to investors resident in the Province of Québec at a price of C$1.00 per share for aggregate gross proceeds of C$1.223 million (“FT Tranche Two”).


The gross proceeds from the issue and sale of the Flow-Through Shares will be used by the Company to incur eligible “Canadian exploration expenses”, within the meaning of the Tax Act, that will qualify as “flow-through mining expenditures” as defined in subsection 127(9) of the Tax Act (the “Qualifying Expenditures”) related to the Company’s Troilus gold and copper project located within the Frotêt-Evans Greenstone Belt in Québec, prior to December 31, 2020. The Company will renounce the Qualifying Expenditures so incurred to the purchasers of the Flow-Through Shares with an effective date of no later than December 31, 2019.


Closing of the Offering remains subject to final approval of the Toronto Stock Exchange. The Flow-Through Shares issued under the Offering are subject to a hold period in Canada expiring four months and one day from closing.


In connection with the Offering, the Company has paid a finder’s fee in respect of certain subscriptions. In addition, the Company has paid a financial advisory fee equal to an aggregate of 1.5% of the gross proceeds of the Offering to GMP Securities L.P., Cormark Securities Inc., Canaccord Genuity Corp. and Haywood Securities Inc., who acted as financial advisors to the Company in respect of the Offering.   


The securities offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.


About Troilus Gold Corp.


Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. The 16,000-hectare Troilus property is located northeast of the Val-d’Or district, within the Frotêt-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.


Posted October 8, 2019

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