Troilus Gold Corp. (TSX:TLG; OTCQX:CHXMF; FRA: CM5R)  is pleased to announce the closing of a non-brokered Private Placement for proceeds of approximately $11.15 million with the government of Québec, through Investissement Québec (“IQ”)  via Fonds Capital Ressources Naturelles et Énergie and Fonds de solidarité des travailleurs du Québec (F.T.Q.) (“the Fonds”) and Fonds régionaux de solidarité FTQ, S.E.C. (“the Fonds Régional”) (the “Offering”). The pricing terms of the Offering are the same as the Company’s recently closed bought deal prospectus offering (see news release dated June 30, 2021). IQ, the Fonds and the Fonds Régional have purchased an aggregate of 10,136,359 units (the “Units”) at a price of C$1.10 per Unit for gross proceeds of approximately $11,150,000. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of C$1.50 for a period of 24 months following the closing of the Offering, being until July 15, 2023.    

The Company intends to use the net proceeds of the Offering to continue engineering efforts and feasibility level studies for its Troilus gold project and for working capital and general corporate purposes.

“Following a significant period of extensive and detailed technical, financial and social due diligence, we are pleased to welcome the government of Québec as a major shareholder of Troilus Gold. This initial investment, coupled with the continued support of the Fonds de solidarité FTQ, has placed the Company on incredibly solid footing as we progress through continued feasibility and pre-development work at our project. More importantly, Troilus and the government of Québec, through Investissement Québec, along with our other strategic Québec-based institutional shareholders have defined a long-term strategic framework focused on defining and establishing full project financing options for the development of the Troilus project as we move through feasibility. The overwhelming support of our Québec domiciled stakeholders is a significant de-risking milestone as we move towards an expedited development scenario. We thank the government of Québec, the Fonds and all of our stakeholders for providing the Company with the ability to continue our aggressive development plans uninterrupted,” said Justin Reid, President and CEO.

“The mining potential of Nord-du-Québec and our mining industry are key to the sustainable recovery of Québec’s economy. That’s why we are helping Troilus carry out its gold project, which is expected to generate significant economic benefits and create good jobs in the region,” said Eric Girard, Minister of Finance and Minister of Economy and Innovation.

“We are proud to support the development of this promising gold project, led by a strong team. Troilus activities have a significant impact on employment and on the economy of the Nord-du-Québec region and we are pleased to help solidify the financial health of the company to allow it to continue its activities and carry out its project,” said Dany Pelletier, Chief Investment Officer of the Fonds de solidarité FTQ.

Disclaimer: Troilus Gold is a paid marketing client

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