Toronto, Ontario--(Newsfile Corp. - July 30, 2021) - Western Troy Capital Resources Inc. (TSXV: WRY.H) ("Western Troy" or the "Company") is pleased to announce that it has completed a non-brokered private placement previously announced on June 21, 2021 (the "Private Placement") for aggregate gross proceeds of $364,125. The Private Placement involves the issuance of 2,427,500 units ("Units") at a price of $0.15 per Unit. Each Unit consists of one common share in the capital stock the Company (a "Common Share") and one warrant. Each warrant will entitle the holder to purchase one Common Share for $0.20 at any time within one year after closing. All securities issued pursuant to this Private Placement will be subject to a four-month hold period.
Insiders of the Company acquired directly and indirectly a total of $30,000 worth of Units or 200,000 Units in the Private Placement on the same basis as other participants. The direct and indirect participation in the Private Placement by an insider of the Company constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation (section 5.5(b)) and minority approval requirements (section 5.7(1)(b)) under MI 61-101.
A material change report in connection with the Private Placements will be filed less than 21 days before the closing of the Private Placement. The Company believes this shorter period is reasonable and necessary in the circumstances as the Company wished to complete the Private Placements in a timely manner.
The Company intends to use the proceeds of the Private Placement towards for project investigation and acquisition costs and for general working capital purposes.
About Western Troy
Western Troy has been engaged in mineral exploration and mine development, as well is reviewing potential alternatives to enhance shareholder value.
Western Troy Capital Resources
Stephen Dunn, CEO
Neither the TSX Venture Exchange (including the NEX Board) 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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "intends", "will", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
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