Western Troy Announces Private Placement
TORONTO, ONTARIO -- (Marketwire) -- 11/05/10 -- Western Troy Capital Resources (TSX VENTURE: WRY) (Western Troy) announces a non-brokered private placement to raise up to $2,000,000 by the issuance of up to 4,000,000 flow-through units (the 'FT Units') at a price of $0.50 per unit.
Each FT Unit consists of one flow-through common share ('FT Share') and one non-transferable share purchase warrant ('Warrant'). Each Warrant entitles the holder to purchase a non flow-through common share of the Company at a purchase price of $0.60 for a period of two years from the date of closing of the private placement. Western Troy will pay a finders' fee payable in units (the 'Finder's Unit') equal to 7% of the total number of FT Units sold through the efforts of the Finder. The Finder's Units will be non-flow through units and shall have the same terms as the FT Units.
Upon completion of this investment, Western Troy's cash position will be approximately $3.8 million. These funds will be used for exploration work at Deborah Lake, feasibility and environmental studies for MacLeod Lake, exploration activities on Western Troy's other prospects, and general corporate purposes.
About Western Troy: Western Troy's shares trade on the TSX Venture Exchange under the symbol WRY, with 23,284,970 shares outstanding. More information on Western Troy can be found on its Website at www.westerntroy.com.
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 this release.
Contacts:
Western Troy Capital Resources
Rex E. Loesby
CEO
416-929-3268
RexLoesby@aol.com
www.westerntroy.com