Tri Origin Announces Closing of $144,000 Non-Brokered Private Placement
Aurora, Ontario / TheNewswire / May 18, 2016 - Further to its news release dated May 5, 2016, Tri Origin Exploration Ltd. (TSX-V: TOE) (the "Company") is pleased to announce that it has completed its previously announced non-brokered private placement (the "Offering"). Pursuant to the Offering, The Company issued 2,400,000 flow-through units (the "Units") at a price of $0.06 per Unit for aggregate gross proceeds to the Company of $144,000. Each Unit consisted of one common share in the capital stock of the Company issued on a flow-through basis and one-half ( 1/2 ) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire one additional common share for $0.10 for a period of 18 months from the date of issuance.
The gross proceeds from the Offering will be used for Canadian Exploration Expenses ("CEE") (within the meaning of the Income Tax Act (Canada)), and the Company will use its best efforts to ensure that such CEE qualify as a "flow-through mining expenditure", for purposes of the Income Tax Act (Canada), and as a "eligible Ontario exploration expenditures" for the purposes of the Taxation Act, 2007 (Ontario), related to the exploration of the Company's exploration projects in Ontario. The Company will renounce such CEE with an effective date of no later than December 31, 2016.
The securities issued pursuant to the Offering are subject to a four month and one day statutory hold period.
About Tri Origin
Tri Origin Exploration Ltd. is publicly listed on the TSXV 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
Tel: (905) 727-1779
E-mail: invest@triorigin.com
CAUTIONARY STATEMENT: Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this 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, 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 are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, the completion of the Offering, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, 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; technological and operational difficulties encountered in connection with the activities of the Company; 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. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Copyright (c) 2016 TheNewswire - All rights reserved.
