Vancouver, BC, January 12, 2021. Origen Resources Inc. (the “Company” or “Origen”) (CSE:ORGN) is pleased to announce that it has completed the second tranche of the previously announced non-brokered private placement of units (the “Offering”).
In the second tranche, the Company raised gross proceeds of $264,800 from the issuance of 2,206,666 units. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share of the Company for a period of 12 months from the date of issue at an exercise price of $0.20.
With the close of the second tranche, the Company is pleased to report that the total aggregate amount raised was $724,540. The Company intends to use the net proceeds of the Offering to fund an airborne geophysical program on its Middle Ridge project in Newfoundland and for general corporate purposes.
The securities issued today as part of the second tranche of the Offering are subject to a four month hold period that will expire on May 13, 2021.
The Company successfully completed the listing process and commenced trading on the Frankfurt Exchange on January 7, 2021 under the trading symbol 4VX.
Origen is an exploration company engaged in generating, acquiring and advancing base and precious metal properties. The Company currently holds a property portfolio of four 100% owned precious and base metal projects in southern British Columbia, a 100% interest in the 26,771 ha LGM project and an option to acquire a 100% interest in the 3,971 ha Wishbone property in the mineral rich Golden Triangle of British Columbia and a 100% interest in the Middle Ridge project in Newfoundland.
On behalf of Origen,
For further information, please contact Blake Morgan, President at 236-878-4938 or Gary Schellenberg, CEO at 604-681-0221.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
The Offering is being conducted pursuant to available prospectus exemptions including sales to accredited investors worldwide (Canadian, US and Foreign residents), family, friends and business associates of directors and officers of the Company and to purchasers who have obtained advice from a registered investment dealer pursuant to the exemption set out in BC Instrument 45-536. In connection with the Investment Dealer Exemption, the Company confirms that, as of the date hereof, there is no material fact or material change in respect of the Company that has not been generally disclosed.