Tri Origin Raises $400,000 Through Issuance of Convertible Debenture
Aurora, Ontario--(Newsfile Corp. - September 9, 2014) - Tri Origin Exploration Ltd. (TSXV: TOE) ("Tri Origin" or the "Company") is pleased to announce that it has issued and sold to an arm's length individual investor (the "Investor") a convertible debenture with a principal amount of $400,000 (the "Debenture").
The Debenture is due on February 28, 2015 and bears interest at a rate of 8.0% per annum, payable at maturity or on conversion. The Investor is entitled, at any time after December 31, 2014, to convert all or any portion of the unpaid principal amount of the Debenture into ordinary shares of Heron Resources Ltd. (the "Heron Shares") on the basis of $0.15 per Heron Share (the "Conversion Price"). In the event Tri Origin intends to make a prepayment under the Debenture, the Investor is entitled to convert half of the proposed principal prepayment amount into Heron Shares on the basis of the Conversion Price, with remaining amounts payable by Tri Origin in cash.
Tri Origin's obligations under the Debenture are secured by 2,666,667 Heron Shares, which it holds as an investment and will be held in escrow until released in accordance with the terms of the Debenture.
The Debenture is subject to a statutory four month hold period from the date hereof. The Company intends to use the proceeds from the Debenture issuance for general working capital purposes.
For more information about Tri Origin, please visit www.triorigin.com or SEDAR at www.sedar.com, or contact:
Dr. Robert Valliant, Chief Executive Officer
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 Heron Resources Ltd., which holds gold and base metal resource-based assets in New South Wales, Australia.
CAUTIONARY STATEMENT: Neither the 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 news release.
This news release includes certain "forward-looking statements". These statements 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 statements include estimates and statements that describe the Company's future plans, objectives or goals and its intended use of proceeds from the Debenture issuance, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements address future events and are based on assumptions relating to, among other things, the Company's financial condition and prospects and the market value of the Heron Shares, by their very nature they involve inherent risks and uncertainties, and thus actual results could differ materially from those currently anticipated in such statements for many reasons such as: 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 statements made in this news release. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
