(TheNewswire)
Aurora, Ontario – TheNewswire - January 11,20 21 – Tri Origin Exploration Ltd. (TSXV:TOE) ( the“ Company ”) is pleased to announce that it hasclosed the previously announced non-brokered private placement andupsizing issuing 21,923,076 units of the Company for aggregate grossproceeds of $2,750,000 through the private placement (the“ PrivatePlacement ”). The Private Placement consistedof the sale of 20,000,000 units of the Company (“ Units ”) at a priceof $0.125 per Unit for gross proceeds of $2,500,000 (the“ Offering ”) and the sale of 1,923,076 units of the Company (the“ AdditionalUnits ”) at a price of $0.13 per unit for grossproceeds of $250,000 (the “ Additional Offering ”). Each Unit andAdditional Unit consists of one common share in the capital of theCompany (a “ CommonShare ”) and one Common Share purchase warrant(each whole Common Share purchase warrant, a “ Warrant ”). Eachwhole Warrant entitles the holder to acquire one Common Share at aprice of $0.18 per Common Share for a period of 24 months from theclosing date of the Offering.
As part of the Offering, O3 Mining Inc.(“ O3 ”) acquired 2,400,000 Units and Osisko Mining Inc.(“ Osisko Mining ”) acquired 3,200,000 Units, at a price of $0.125 per Unit,for an aggregate purchase price of $300,000 and $400,000 respectively,making their respective holdings in the Company 4,800,000 CommonShares for O3 and 6,400,000 Common Shares for Osisko Mining (assumingthe exercise in full of the Warrants). The issuance of 2,400,000 Unitsto O3 and of 3,200,000 Units to Osisko Mining represents theacquisition of approximately 9.34% by O3 and approximately 12.26% byOsisko Mining of the number of Common Shares expected to be issued andoutstanding immediately prior to the closing of the Offeringcalculated on a partially-diluted basis. O3 andOsisko Mining acquired the Units for investment purposes. Theseinvestments will be reviewed on a continuing basis and d epending on market and other conditions, O3 and Osisko Miningmay from time to time in the future increase or decrease itsownership, control or direction over securities of the Company,through market transactions, private agreements, or otherwise.
The Private Placement received conditional approval bythe TSX Venture Exchange on December 23, 2020. Under the PrivatePlacement, a finder’s fee of $1500 was paid by the Company.
In satisfaction of the requirements of the NationalInstrument 62-104 - Take-OverBids And Issuer Bids and National Instrument62-103 - The Early WarningSystem and Related Take-Over Bid and Insider ReportingIssues , an early warning report respecting theacquisition of Units by Osisko Mining will be filed under theCompany’s SEDAR Profile at www.sedar.com. A copy of the earlywarning report regarding the acquisition can be obtained by contactingRobert Valliant at 905-727-1779.
About Tri Origin
Tri Origin Exploration Ltd. is publicly listed on theTSX Venture Exchange under the trading symbol TOE. Tri Origin is aleading Canadian exploration company with gold and base metal projectsin Canada.
For more information about TriOrigin, please visit www.triorigin.com or SEDAR www.sedar.com orcontact:
Dr. Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
E-mail: invest@triorigin.com
Forward Looking Statements:
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. This News Release includes certain"forward-looking statements" which are not comprised ofhistorical facts. Forward-looking statements include estimates andstatements that describe the Company’s future plans, objectives orgoals, including words to the effect that the Company or managementexpects a stated condition or result to occur. Forward-lookingstatements may be identified by such terms as “believes”,“anticipates”, “expects”, “estimates”, “may”,“could”, “would”, “will”, or “plan”. Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherentrisks and uncertainties. Although these statements are based oninformation currently available to the Company, the Company providesno assurance that actual results will meet management’sexpectations. Risks, uncertainties and other factors involved withforward-looking information could cause actual events, results,performance, prospects and opportunities to differ materially fromthose expressed or implied by such forward-looking information.Forward looking information in this news release includes, but is notlimited to, the intention to complete the Offering and the expectedexpenditure of the proceeds of the Offering, the Company’sobjectives, goals or future plans, statements, exploration results,potential mineralization, the estimation of mineral resources,exploration and mine development plans, timing of the commencement ofoperations and estimates of market conditions. Factors that couldcause actual results to differ materially from such forward-lookinginformation include, but are not limited to, the Company’s abilityto obtain all approvals required in connection with the Offering andsuccessfully complete the Offering, the Company’s ability to predictor counteract potential impact of COVID-19 coronavirus on factorsrelevant to the Company’s business failure to identify mineralresources, failure to convert estimated mineral resources to reserves,the inability to complete a feasibility study which recommends aproduction decision, the preliminary nature of metallurgical testresults, delays in obtaining or failures to obtain requiredgovernmental, environmental or other project approvals, politicalrisks, inability to fulfill the duty to accommodate First Nations andother indigenous peoples, uncertainties relating to the availabilityand costs of financing needed in the future, changes in equitymarkets, inflation, changes in exchange rates, fluctuations incommodity prices, delays in the development of projects, capital andoperating costs varying significantly from estimates and the otherrisks involved in the mineral exploration and development industry,and those risks set out in the Company’s public documents filed onSEDAR. Although the Company believes that the assumptions and factorsused in preparing the forward-looking information in this news releaseare reasonable, undue reliance should not be placed on suchinformation, which only applies as of the date of this news release,and no assurance can be given that such events will occur in thedisclosed time frames or at all. The Company disclaims any intentionor obligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwise,other than as required by law.
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