July 31, 2024 – Vancouver, B.C., Troy Minerals Inc. (“Troy” or the “Company”) (CSE: TROY; OTCQB: TROYF; FSE: VJ3) is pleased to announce that further to its news release dated July 18, 2024, it has closed the second tranche of its private placement financing of 1,839,284 flow-through units (“FT Units”) at a price of $0.28 per FT Unit for gross proceeds of $515,000 and closed on 1,511,000 non-flow-through units (“NFT Units”) at a price of $0.25 per NFT Unit for gross proceeds of $377,750, for combined gross proceeds of $892,750 (the “Offering”). Each FT Unit is comprised of one common share of the Company which qualifies as a “flow-through” share as defined in subsection 66(15) of the Income Tax Act (Canada) and one-half of one share purchase warrant of the Company. Each whole warrant is exercisable into one non-flow-through common share of the Company at an exercise price of $0.45 per share for period of two years from the date of issuance. Each NFT Unit is comprised of one common share of the Company and one-half of one share purchase warrant of the Company. Each whole warrant is exercisable into one non-flow-through common share of the Company at an exercise price of $0.40 per share for period of two years from the date of issuance. In connection with the this closing of the Offering, the Company paid a finder’s fee of $62,453, 128,749 finder’s warrants exercisable into one non-flow-through common share of the Company at an exercise price of $0.45 per share for period of two years from the date of issuance, and 105,770 finder’s warrants exercisable into one non-flow-through common share of the Company at an exercise price of $0.40 per share for period of two years from the date of issuance. Securities issued in connection with this closing of the Offering are subject to a four-month hold period, in accordance with securities laws and the policies of the Canadian Securities Exchange, as applicable. |
On Behalf of the Board: Rana Vig | President and Director Telephone: 604-218-4766 Email: rana@ranavig.com |