Trigon Metals Inc.: Closes First Tranche of Private Placement Financing
TORONTO, July 31, 2017 - Trigon Metals Inc. (TSX VENTURE:TM) ("Trigon" or the "Company") has closed the first tranche (the "First Tranche") of its previously announced non-brokered private placement of units (the "Units"). The Company issued 1,848,333 Units at a price of $0.30 per Unit for aggregate gross proceeds of $554,500. Each Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.40 for a period of 36 months following the closing date of the First Tranche.
The Company intends to use the net proceeds from the First Tranche for exploration and development of the Kombat Mine, and for working capital and general corporate purposes.
The First Tranche is subject to final approval of the TSX Venture Exchange. The securities issued pursuant to the First Tranche will be subject to a four month and one day statutory hold period expiring on December 1, 2017. In connection with the First Tranche, Trigon paid finder's fees of $5,475.
Trigon is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world's most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past producing mines including the Company's flagship property, the Kombat Mine.
Cautionary Notes
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 may contain forward-looking statements. These statements include statements regarding the First Tranche, the expected use of proceeds of the First Tranche and the Company's future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Contact
Spyros Karellas, Investor Relations
+1 (416) 433-5696
spyros@pinnaclecapitalmarkets.ca
www.trigonmetals.com