Tri Origin Closes $2.75M Non-Brokered Private Placement and Welcomes O3 and Osisko As Shareholders

Aurora, Ontario, January 11, 2021 – Tri Origin Exploration Ltd. (TSX-V: TOE) (the “Company”) is pleased to announce that it has closed the previously announced non-brokered private placement and upsizing issuing 21,923,076 units of the Company for aggregate gross proceeds of $2,750,000 through the private placement (the “Private Placement”). The Private Placement consisted of the sale of 20,000,000 units of the Company (“Units”) at a price of $0.125 per Unit for gross proceeds of $2,500,000 (the “Offering”) and the sale of 1,923,076 units of the Company (the “Additional Units”) at a price of $0.13 per unit for gross proceeds of $250,000 (the “Additional Offering”). Each Unit and Additional Unit consists 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 entitles the holder to acquire one Common Share at a price of $0.18 per Common Share for a period of 24 months from the closing date of the Offering.

 

As part of the Offering, O3 Mining Inc. (“O3”) acquired 2,400,000 Units and Osisko Mining Inc. (“Osisko Mining”) acquired 3,200,000 Units, at a price of $0.125 per Unit, for an aggregate purchase price of $300,000 and $400,000 respectively, making their respective holdings in the Company 4,800,000 Common Shares for O3 and 6,400,000 Common Shares for Osisko Mining (assuming the exercise in full of the Warrants). The issuance of 2,400,000 Units to O3 and of 3,200,000 Units to Osisko Mining represents the acquisition of approximately 9.34% by O3 and approximately 12.26% by Osisko Mining of the number of Common Shares expected to be issued and outstanding immediately prior to the closing of the Offering calculated on a partially-diluted basis. O3 and Osisko Mining acquired the Units for investment purposes.

 

These investments will be reviewed on a continuing basis and depending on market and other conditions, O3 and Osisko Mining may from time to time in the future increase or decrease its ownership, control or direction over securities of the Company, through market transactions, private agreements, or otherwise.

 

The Private Placement received conditional approval by the TSX Venture Exchange on December 23, 2020.

 

Under the Private Placement, a finder’s fee of $1500 was paid by the Company.

 

In satisfaction of the requirements of the National Instrument 62-104 - Take-Over Bids And Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an early warning report respecting the acquisition of Units by Osisko Mining will be filed under the Company’s SEDAR Profile at www.sedar.com. A copy of the early warning report regarding the acquisition can be obtained by contacting Robert Valliant at 905-727-1779.

 

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.

 

For more information about Tri Origin, please visit www.triorigin.com or SEDAR www.sedar.com or contact: 

 

Dr. Robert Valliant, President

Tri Origin Exploration Ltd.

Tel: (905) 727-1779

E-mail: invest@triorigin.com