MONTREAL, May 21, 2012 /CNW Telbec/ - Toron Inc. (OTCBB:TRON)- (The Company) Toron Inc. is pleased to announce that a financing of a Flow through share financing will be looked at to raise a maximum of $750,000. Each unit will consist of 1 common share and 1 purchase warrant.
The flow through share financing will be raised through its Canadian wholly owned subsidiary, Toron Resources Inc. A brief description of what a Flow-Through share financing is a Canadian federal incentives program that generally refer to those connected with a subscription for flow through shares ("Flow-Through Shares"), whereby an investor may access a deduction for Canadian exploration expenses ("CEE") incurred by the issuing corporation which in this case would be Toron Resources Inc.
By Subscribing for Flow-Through Shares, the proceeds from the issuance of which are used to finance CEE carried out by the Company, the investor can receive the benefit of the deduction of such CEE renounced by the corporation in favor of the holders of the Flow-Through Shares.
The proceeds of this offering will be used to fund the exploration program that Toron will be undertaking on its property located in the Val Dor mining region of Quebec. The program will include Geophysical surveys in addition to an Airborne survey and a possible drilling program that would be undertaken to further understand the surrounding Geology. Toron is very excited to be starting an in depth exploration program on their property and is actively looking at other projects to add to their portfolio in the area.
Toron Inc. (www.toroninc.com) prides itself on being a new mineral exploration company focusing its attention on projects involving gold and other valuable metals. Based in Quebec, one of Canada's richest mining provinces, Toron Inc., a Nevada company incorporated a wholly owned subsidiary, Toron Resources Inc., for the sole purpose of exploring mining projects in Canada, and specifically, in Quebec and Ontario.
Safe Harbor Statement
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, but are not limited to, statements with respect to exploration and commercialization of the company's claims. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration development and production activities. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of its mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: lack of operating history, transitioning from a development company to an operating company, difficulties in distinguishing Toron Inc. resources and ability to mine Toron Inc. resources, market acceptance of our products and services; operational difficulties relating to combining acquired companies and businesses; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; changes in economic, political or regulatory conditions or other trends affecting the mining sectors, and our ability to attract and retain qualified personnel. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.
For further information:
For further information, please contact:
Holybank Communications Ltd.