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Typhoon Exploration Inc.: Typhoon Welcomes a New Director and Updates its Request for Price Modification of its Warrants

^{Published on 2009-05-21 08:53:06, Last Modified on 2009-11-02 12:04:13 - Market Wire}
 

LAVAL, QUEBEC--(Marketwire - May 21, 2009) - Typhoon Exploration Inc. (TSX VENTURE:TYP) ("Typhoon") is pleased to announce the appointment of Mr Leo Patry to the Board of Directors. Mr. Patry will join the team on May 31st, 2009. Typhoon welcomes him.

In other matters, as previously mentioned in its March 31st, 2009, press release, Typhoon proposes to re-price 491,516 warrants issued pursuant to its December, 2008, financing (4,915,160 prior to the February 19, 2009, consolidation). However, following discussions with the TSX Venture Exchange, these 491,516 warrants (the "warrants") will now be exercisable at a price of $0.12 per warrants until December 31, 2013, and not $0.10 as stated initially. Moreover, the warrants will be subject to a forced exercise provision, providing that if the closing price of Typhoon's shares is $0.16 or greater for a period of 10 consecutive trading days, then the holders will have 30 days to exercise their warrants, otherwise the warrants will expire on the 31st day. The contemplated repricing is subject to the TSX Venture Exchange final approval.

The common shares of Typhoon Exploration are listed on the Venture Stock Exchange under the symbol "TYP".

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those in these "forward-looking statements".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.