Tri Origin Upsizes Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Aurora, Ontario, December 18, 2020 – Tri Origin Exploration Ltd. (TSX-V: TOE) (the “Company”) is pleased to announce that further to its press release of December 17, 2020, the Company is exercising the over-allotment option and increasing the previously announced non-brokered private placement financing (the “Offering”) from gross proceeds of $1,500,00 to $2,500,000. The Offering consists of the sale of 20,000,000 units of the Company (“Units”) at a price of $0.125 per Unit. Each Unit shall consist of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each whole Warrant shall entitle the holder to acquire one Common Share at a price of $0.18 per Share for a period of 24 months from the closing date of the Offering.
In addition, the Company is pleased to announce that it is increasing the Offering by an additional $250,000 (the “Additional Offering”). The Additional Offering consists of the sale 1,923,077 units of the Company (“Additional Units”) at a price of $0.13 per Additional Unit. Each Additional Unit shall consist of one Common Share and one Warrant. The aggregate gross proceeds of the Offering and the Additional Offering is $2,750,000 (collectively, the “Offerings”).
The Offerings are expected to close on or about January 8, 2020. The completion of the Offerings is subject to receipt of necessary approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offerings will be subject to a four month and one day hold period in accordance with applicable securities laws. The proceeds of the Offerings will be used for property exploration and working capital.
About Tri Origin
Tri Origin Exploration Ltd. is publicly listed on the TSX Venture Exchange under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada.
Dr. Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
Forward Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the intention to complete the Offerings and the expected expenditure of the proceeds of the Offerings, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company’s ability to obtain all approvals required in connection with the Offerings and successfully complete the Offerings, the Company’s ability to predict or counteract potential impact of COVID-19 coronavirus on factors relevant to the Company’s business failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or 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.