Typhoon to reduce operation expenses during the COVID-19 pandemic
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.
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