Offering funds planned exploration work in Ontario's Canadian Shield
By Devika Patel
Knoxville, Tenn., March 7 - Tri Origin Exploration Ltd. said it settled the initial tranche of a private placement of units. The deal priced for C$1.5 million on Feb. 18 and will now raise C$1.25 million. The company pocketed C$550,000 in this tranche. It will settle a second tranche within a week.
The company is selling 12 million units at C$0.125 apiece. It sold 4.4 million units in the first closing.
Each unit consists of one common share and one warrant. Each two-year warrant will be exercisable at C$0.25, which is a 92.31% premium to the Feb. 17 closing share price of C$0.13.
Proceeds will be used for exploration work on the company's properties in the Canadian Shield in Ontario, in particular, its RLX property at Red Lake and Sky Lake property at Pickle Lake, and for corporate purposes.
Tri Origin is a resource exploration company based in Markham, Ont.
| Issuer: | Tri Origin Exploration Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.25 million
|
| Units: | 12 million
|
| Price: | C$0.125
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Pricing date: | Feb. 18
|
| Settlement date: | March 7 (for C$550,000)
|
| Stock symbol: | TSX Venture: TOE
|
| Stock price: | C$0.13 at close Feb. 17
|
| Market capitalization: | C$9.5 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
