Troilus Announces $15 Million Bought Deal Offering
MONTREAL, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG, OTCQX: CHXMF) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (“Haywood”), on behalf of themselves and a syndicate of underwriters to be formed (collectively, together with Haywood, the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal public offering basis, (i) 28,580,000 units of the Company (the “Units”) at a price of C$0.35 per Unit (the “Unit Issue Price”), (ii) 7,150,000 traditional flow-through shares of the Company (the “FT Shares”) at a price of C$0.42 per FT Share (the “FT Issue Price”); and (iii) 4,550,000 Québec flow-through shares of the Company (the “QFT Shares” and together with the Units and FT Shares, the “Offered Securities”) at a price of C$0.44 per QFT Share (the “QFT Issue Price”), representing total gross proceeds to the Company of C$15,008,000 (the “Offering”).
- All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares and QFT Shares effective December 31, 2023.
- The net proceeds from the sale of the Units will be used by the Company to fund exploration and development at the Company’s Troilus gold project, and for working capital and general corporate purposes.
- The Offered Securities will be offered by way of short form prospectus in each of the provinces of Canada, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions.
- The Offering is scheduled to close on or about November 20, 2023, subject to customary closing conditions, including receipt of all necessary approvals including the approval of the Toronto Stock Exchange (“TSX”).