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Trelawney Announces Closing of $57,134,400 “Bought Deal” Private Placement
December 7, 2010 - Toronto, Ontario - Trelawney Mining and Exploration Inc. (the “Company”) (TSXV: TRR) is pleased to announce that it has closed its previously announced “bought deal” private placement (the “Offering”), led by RBC Dominion Securities Inc., with a syndicate including Jennings Capital Inc., Raymond James Ltd. and Stifel Nicolaus Canada Inc. (collectively, the “Underwriters”).
The Company issued an aggregate of 18,652,000 common shares (“Common Shares”) at a price of $2.20 per Common Share and 6,440,000 flow-through common shares (“FT Shares”) at a price of $2.50 per FT Share, for aggregate gross proceeds of $57,134,400.
The Company paid the Underwriters a cash commission equal to 6% of the gross proceeds of the Offering.
The net proceeds of the Offering will be utilized for continued exploration and development of the Company’s properties in Chester Township and for general working capital purposes.
The securities issued pursuant to the Offering are subject to a four-month hold period. The private placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.
For further information contact:
Greg Gibson, President & CEO at (416) 361-2826
or ggibson@trelawneymining.com
Andres Tinajero, CFO (416) 361-2838
or atinajero@trelawneymining.com
David Reid, Investor Relations at (416) 363-8567
or dreid@trelawneymining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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