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MONTREAL, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Troilus Gold Corp. (("Troilus" or the "Company", TSX:TLG, OTCQX:CHXMF, FSE: CM5R)) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. ("Haywood") and Desjardins Capital Markets ("Desjardins"), on behalf of themselves and a syndicate of underwriters to be formed (collectively, together with Haywood and Desjardins, the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal public offering basis, (i) 48.6 million units of the Company (the "Units") at a price of C$0.35 per Unit (the "Unit Issue Price"), (ii) 7.4 million traditional flow-through shares of the Company (the "FT Shares") at a price of C$0.405 per FT Share (the "FT Issue Price"); and (iii) 4.8 million 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$0.42 per QFT Share (the "QFT Issue Price"), representing total gross proceeds to the Company of C$22,023,000 (the "Offering").
Each Unit will consist of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each whole such warrant, a "Warrant") exercisable at a price of C$0.45 per Share for a period of 24 months following the closing of the Offering.
In addition, the Company has agreed to grant to the Underwriters an over-allotment option (the "Over-Allotment Option") exercisable, in whole or in part, at the sole discretion of the Underwriters, to purchase up to an additional 15% of Offered Securities, in any combination of Units, FT Shares, and/or QFT Shares, at the Unit Issue Price, FT Issue Price, and/or the QFT Issue Price, as applicable, for a period of up to 30 days following closing of the Offering.
The gross proceeds from the sale of the FT Shares and QFT Shares will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada). Purchasers of QFT Shares will also qualify for inclusion in the "exploration base relating to ...
