VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 11, 2017) – Troy Energy Corp. (the “Corporation” or “Troy”) (NEX:TEG.H) announces that it has closed its previously announced private placement financing with the issuance of 8,000,000 common shares at a price of $0.05 per share for aggregate gross proceeds of $400,000. In addition, an aggregate of 1,200,000 common shares have been issued at a deemed price of $0.05 per share in settlement of existing loans payable to an officer, director and a shareholder in the aggregate amount of $60,000. In accordance with applicable securities laws, the common shares issued under this offering and pursuant to the shares-for-debt transaction are subject to four-month hold periods that will expire on November 12, 2017. With the participation of insiders in the shares for debt transaction and the financing, these transactions constitute related party transactions under Multilateral Instrument 61-101 – “Protection of Minority Security Holders in Special Transactions“. Exemptions are available from the minority shareholder approval and valuation requirements set forth in the foregoing Multilateral Instrument. The proceeds from this offering will be used for investigation of new projects and for general working capital purposes.
Forward Looking Statements
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither 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 the release.
Troy Energy Corp.
Chief Executive Officer
Troy Energy Corp.