Under the Option Agreement, the closing of a fourth and final tranche of CAD$500,000 was to be held no later than June 9, 2013.
Aurizon has requested an extension of the deadline for making this last investment of CAD$500,000 to maintain in force the first option. The issue price per share would be based on the volume-weighted average trading price per share on the TSX Venture Exchange during the 15 day period ending on the third business day before the date on which shares are to be purchased by Aurizon.
With environmental responsibility as a priority, Typhoon pursues its work in partnership with Axe Exploration Inc. in order to reach their goal of reforestation, by planting 15 trees for every drill hole. To date, more than 3,769 trees have been planted and more than 12 hectares of ground have been reseeded. The sustainable development for the well-being of the generations present and future is an integral part of the mandate of the company.
ABOUT TYPHOON EXPLORATION INC.
-- Typhoon Exploration Inc. has a cash position of $3,079,654, representing $0.13 per share.-- Typhoon Exploration Inc. only has 24,101,235 shares outstanding.-- The Fayolle Property offers the potential to host important gold resources.
THE COMPANY OWNS THE FOLLOWING PROJECTS:
-- Fayolle Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region -- (See agreement with Aurizon Mines Ltd. in press release dated May 18, 2010)-- Faille 1 Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region-- Monexco Project, 100%-owned by Typhoon Exploration Inc. / Chibougamau region-- Nordair Project, 100%-owned by Typhoon Exploration Inc. / James Bay region-- Aiguebelle-Goldfields Project, 51%-owned by Typhoon and 49%-owned by Agnico-Eagle Mines Limited / Rouyn-Noranda region-- Destorbelle Project, 50%-owned by Typhoon and 50%-owned by Axe Exploration Inc. / Rouyn-Noranda region
The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol "TYP".
This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Typhoon. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Typhoon will derive therefrom. Forward-looking information is based on the estimates and opinions of Typhoon at the time the information is released and Typhoon does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. 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.
David Mc Donald
President and CEO
Toll free: 1.877.622.4004