Tri Origin Announces Closing of $602,400 Non-Brokered Private Placement
Aurora, Ontario / TheNewswire / October 20, 2016 - Tri Origin Exploration Ltd. (TSX-V: TOE) (the "Company") is pleased to announce that further to its press release of September 13, 2016, it has completed a non-brokered private placement financing to raise $602,400 through the issuance of 7,230,000 units (the "HD Units") at a price of $0.07 per HD Unit and 1,070,000 flow-through units (the "FT Units") at a price of $0.09 per Unit. Each HD Unit consists of one common share in the capital of the Company (a "Share") and one-half ( 1/2 ) of one Share purchase warrant (each whole such warrant, a "Warrant"). Each FT Unit consists of one Share issued on a flow-through basis (a "FT Share") and one-half ( 1/2 ) of one Warrant. Each whole Warrant entitles the holder to acquire one Share at a price of $0.12 per Share for a period of 18 months. All securities issued pursuant to the offering are subject to a four-month hold period from the date of closing.
Proceeds of the private placement relating to the FT Units will be used to advance mineral exploration at the Company's gold exploration projects in the Province of Ontario that will qualify as "Canadian exploration expenses" and "flow-through mining expenditures" for purposes of the Income Tax Act (Canada) and as "eligible Ontario exploration expenditures" within the meaning of the Taxation Act, 2007 (Ontario), with the remainder of the proceeds of the Offering to be used to fund continued mineral exploration work related to the Company's projects in Ontario and for general working capital purposes.
The securities issued pursuant to the Offering will be subject to a statutory four month and one day hold period. A cash finder fee of $5,950 was paid to a qualified finder.
About Tri Origin
Tri Origin Exploration Ltd. is publicly listed on the TSXV under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada.
For more information about Tri Origin, please visit www.triorigin.com or SEDAR www.sedar.com or contact:
Dr. Robert Valliant, President
Tel: (905) 727-1779
E-mail: invest@triorigin.com
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 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 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.
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