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Completes Financing
posted on
May 27, 2009 09:52AM
May 27, 2009
Trelawney Completes Financing
TORONTO, ONTARIO--(Marketwire - May 27, 2009) - Trelawney Mining and Exploration Inc. (TSX VENTURE:TRR) is pleased to announce the completion of a non-brokered private placement of 2,000,000 at $0.11 per Common Share for total proceeds of $220,000. A finder's fee of 60,000 Common Shares of the Company were paid in connection with the private placement. The securities issued are subject to a four month hold period.
The proceeds of the financing will be used to fund further metallurgical work on the Dorset property and required surface work on the Massey property.
Trelawney is the largest land holder in the entire mining camp with approximately 21,000 acres now under its control. The Company's neighbour, gold producing Wesdome Gold Mines Ltd. holds approximately 16,000 acres. Trelawney has assembled the largest land package in this area since the Hemlo staking rush in the 1980s. The consolidated property contains over 48 known gold occurrences attesting to the potential of the Mishibishu greenstone belt.
