Tri Origin Loan
Aurora, Ontario--(Newsfile Corp. - May 8, 2014) - Tri Origin Exploration Ltd. (TSXV: TOE) ("Tri Origin" or the "Company") announces that the Company has entered into a short term loan agreement for $100,000 (the "Loan") to fund general working capital amounts, subject to regulatory approval. The Loan has a twelve month term and is to be repaid in cash, in whole or in part, on demand.
The Loan is unsecured with interest at a rate of 8% per annum payable monthly beginning on May 1, 2014, with a maturity date of April 30, 2015. Dr. Robert I. Valliant, who is director, President and CEO of the Company, has acquired the full $100,000 of principal amount of the Loan through Underock Inc., a private corporation controlled by Dr. Valliant.
As noted above, Dr. Valliant, who is director, President and CEO of the Company, has acquired the full amount of the Note through a private corporation controlled by Dr. Valliant (the "Insider Sale"). The Insider Sale was a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Insider Sale was approved by all of the non-interested directors of the Company. Dr. Valliant abstained from approval of this matter. The Insider Sale was exempt from the related party valuation and minority securityholder approval requirements of MI 61-101 on the basis that no securities of the Company are listed or quoted on any specified markets, such markets specified by MI 61-101 to be the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a stock exchange outside of Canada and the United States other than the Alternative Investment Market of the London Stock Exchange or the PLUS market operated by PLUS Markets Group plc., and at the time the transaction was agreed to, neither the fair market value of the securities to be distributed in the transaction nor the consideration to be received for those securities, insofar as the transaction involved interested parties, exceeded $2,500,000.
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
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. Tri Origin has leveraged exposure to mineral discoveries in Australia through its equity interest in TriAusMin Limited which holds gold and base metal resource-based assets in New South Wales.
CAUTIONARY STATEMENT: 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.
