PIEDMONT, QC, April 9, 2020 /CNW Telbec/ - Typhoon
Exploration Inc. (TSXV: TYP) ("Typhoon") announces the
reduction of its operation expenses for the duration of the
COVID-19 pandemic.
The COVID-19 pandemic has reduced public companies'
financing, and Typhoon is no exception.
Even if Typhoon maintains a good current ratio, its Board of
Directors has decided to reduce the company's operation and
exploration expenses for the duration of the pandemic.
Starting May 1st, Typhoon will protect its
working capital by reducing by 50% its corporate executives'
salaries, wages, and vehicle allowances.
Further, in accordance with the Governments' statutory
directions concerning the preventive measures and precautions to
take in the context of the COVID-19 pandemic, Typhoon is
suspending all its field exploration activities until the
Governments allow them.
Serge Roy, Executive Chairman,
said: "During this difficult time, our priority is the health and
safety of everyone, which is why Typhoon is following the
Governments' guidance exactly."
About Typhoon Exploration:
A junior exploration company, Typhoon is well positioned with
relatively low operating costs, $550,000 cash equivalent, and $230 000
reserved for exploration programs. Typhoon is expecting to receive
1,333,333 shares and the sum of $150 000 from Monarch
Gold Corporation, respectively on April 20 and July 19
this year.
SOURCE Typhoon Exploration Inc.
