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TOE Tri Origin Exploration Ltd

0.21
0.00 (0.00%)
10 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Tri Origin Exploration Ltd TSXV:TOE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.21 0.18 0.225 0 01:00:00

Tri Origin Completes First Closing of $550,000 Non-Brokered Financing

07/03/2011 8:55pm

Marketwired Canada


NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES.

Tri Origin Exploration Ltd. ("Tri Origin" or the "Company") (TSX VENTURE:TOE)
announced today it has completed tranche one of the $1,250,000 private placement
financing (the "Offering") previously announced on February 18, 2011. Tranche
one of the Offering consisted of the sale of 4,400,000 units (the "Units") at
$0.125 per Unit. Each Unit consists of one common share in the capital stock of
the Company ("Common Share") and one Common Share purchase warrant ("Warrant").
Each Warrant will entitle the holder to acquire one Common Share at a price of
$0.25 per share expiring 24 months after the issuance. The Warrants are subject
to an early acceleration provision which provides for the exercise or expiry of
the Warrants. In the event that closing price of the Common Shares on the
principal market on which the Common Shares trade exceeds $0.30 for more than 20
consecutive trading days, the Company may accelerate the expiry time of the
Warrants to the date which is 30 days from the issuance by the Company of a news
release announcing the trigger of the acceleration right.


Tranche two of the Offering for the remaining 5,600,000 Units is expected to
close within one week. All securities issued pursuant to the offering will be
subject to a four-month hold period from the date of closing. The private
placement remains subject to final approval of the TSX Venture Exchange (TSX-V).



In connection with the Offering, the Company agreed to pay a 3% finder's fee
payable in cash (the "Cash Finder's Fee") and Units (the "Finder's Units") to
certain eligible persons (the "Finder"). Each Finder's Unit entitles the holder
to one Common Share and one Warrant. Each Finder's Warrant entitles the holder
to acquire one Common Share on the same terms as the Warrants. On closing for
tranche one, the Company issued 60,000 Finder's Units and a $7,500 Cash Finder's
Fee to the Finder.


The proceeds of the Offering will be used to advance the Company's exploration
work on its properties in the Canadian Shield in northern Ontario, particularly
its RLX property at Red Lake and the Sky Lake property at Pickle Lake, and for
working capital purposes.


This news release is not an offer of Units for sale in the United States. The
securities comprising the Units have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration. This press release shall not constitute an offer to sell or
solicitation of an offer to buy nor shall there be any sale of the above
described securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.


Additional information about Tri Origin and its projects is available at
www.triorigin.com or from SEDAR at www.sedar.com. 


Tri Origin Exploration Ltd. is publicly listed on the TSX-V under the trading
symbol TOE. Tri Origin is a leading Canadian exploration company with gold and
base metal projects in Canada. Tri Origin has leveraged exposure to mineral
discoveries in Australia through an equity interest in its affiliate, TriAusMin
Limited - a publicly traded company listed on the Australian Securities Exchange
and the Toronto Stock Exchange.


This news release contains forward-looking statements and forward-looking
information, which are based on information currently available to the Company,
and the Company provides no assurance that actual results will meet management's
expectations. Forward-looking information includes 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 information may be identified by such terms as
"believes", "anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". Since forward-looking information is based on assumptions and
addresses future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results relating to, among other
things, the closing of the proposed private placement and the timing thereof,
the receipt of the requisite regulatory approvals, the receipt of shareholder
approval for the issuance of Warrants, the net proceeds to the Company, and the
use or proceeds and future business plans of the Company, could differ
materially from those currently anticipated in such information for many reasons
such as: the failure to obtain the requisite approvals; the failure to satisfy
conditions to closing; changes in general economic conditions and conditions in
the financial markets; changes in demand and prices for minerals; litigation,
legislative, environmental and other judicial, regulatory, political and
competitive developments; and other matters discussed in this news release. This
list is not exhaustive of the factors that may affect any of the Company's
forward-looking information. These and other factors should be considered
carefully and readers should not place undue reliance on the Company's
forward-looking information. The Company does not undertake to update any
forward-looking information that may be made from time to time by the Company or
on its behalf, except in accordance with applicable securities laws.


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