In consideration for the repurchase and cancellation of the FQML NSR, Troilus will pay cash consideration of
Troilus also announces that it has entered into an agreement with
Pursuant to the agreement, the Underwriters have also agreed to purchase, on a bought deal private placement basis, 9,100,000 common shares (the 'Common Shares') of the Company, at a price of
The Common Shares and the Flow-Through Shares are collectively referred to herein as the 'Offered Shares'. The aggregate gross proceeds of the two offerings will be approximately
Troilus CEO
The Underwriters also have an option to purchase up to 820,500 additional Flow-Through Shares at the Flow-Through Offering Price, for market stabilization purposes and to cover over-allotments, if any, for a period expiring 30 days after the date of closing for additional proceeds of up to
The net proceeds from the offerings will serve to replenish the Company's balance sheet following the utilisation of cash on hand for the buy-back of the FQML NSR. The Company would not have proceeded with the buy-back transaction without entering into the agreement for the offerings and thereby preserve its strong cash position.
The proceeds of the sale of the Flow-Through Shares will be used on exploration expenses on the
The Flow-Through Shares will be offered by way of short form prospectus in each of the provinces of
The Common Shares will be offered on a private placement basis solely in
The offerings are scheduled to close on or before
The Offered Shares have not been, and will not be, registered under the
About
Troilus is a
Contact:
Tel: +1 (647) 276-0050
Email: justin.reid@troilusgold.com
Cautionary Note Regarding Forward-Looking Statements and Information
This press release contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, statements regarding the closing of the NSR buy-back and its impact on the Company, the closing of the offerings, the timing of the closing of the offerings, the use of proceeds from the Offerings, the receipt of regulatory approvals, the exercise of the option granted to the Underwriters and future results of operations, performance and achievements of the Company. Although the Company believes that such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors and risks, including, uncertainties with respect to obtaining all regulatory approvals to complete the offerings, uncertainties relating to the COVID-19 pandemic, uncertainties of the global economy, market fluctuations, the discretion of the Company in respect to the use of proceeds discussed above, any exercise of termination by counterparties under applicable agreements, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies and other risks identified in its disclosure documents filed at www.sedar.com. This press release is not, and is not to be construed in any way as, an offer or recommendation to buy or sell securities in
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual events, results and/or developments may differ materially from those in the forward-looking statements. Readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with and as required by applicable securities laws.
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