LAVAL, Quebec, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Typhoon Exploration Inc. (TSX-V:TYP) («Typhoon») announce the signature of the following convention:
- Convention on the January 26, 2018 with Axe Exploration Inc with the aim of the sale of the Ground situated in Rouyn-Noranda in return of a sum of $40,000 in cash.
The transaction was approved by the independent directors of the company and its fence is subject to the approval of the TSX Venture Exchange.
David Mc Donald, president and administrator of the company, is also president and administrator of Axe Exploration Inc. As far as in the date of the agreements, the compensation of the operation did not exceed 25% of the market capitalisation of the company the company is exempted from the obligation of establishing an official evaluation and of obtaining the approval of the minority carriers at the end of the Regulation 61-101.David Mc Donald revealed his interest and abstained from participating in the discussion of the board of director surrounding the acquisition and to vote in this respect. The transaction will have no effect on the percentage of ordinary shares of the company which are held by David Mc Donald
Non honorary of intermediation will be payable within the framework of this transaction.
PLEASE NOTE
The direction of Typhoon considers that year 2018 will bring of new development positive for the Company. The key properties will be actively explored. All the properties are located in a very accessible region arranging excellent infrastructures nearby.
Typhoon has for main activity the generation of projects combined in the development of the partnership:
This business model is an effective way of reducing the systematic risks which face companies working in the initial stage of the exploration. It minimizes the dilution of the capital action and, in case of discovery, the value creation by action is maximized.
Typhoon strictly maintained this financial strategy through the various mining cycles. Typhoon has 39 077 849 of the emitted shares, among which 60 %, held by financial institutions, by initiated and by some major investor
Typhoon common shares are listed on the TSX Ventures Exchange under the stock symbol TYP.
FOR MORE INFORMATION
Tel: 450.622.4066
www.typhoonexploration.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.