Origen Resources Inc. Announces Normal Course Issuer Bid
Vancouver, August 8, 2023 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that it intends to execute a normal course issuer bid (NCIB) through the facilities of the Canadian Securities Exchange. Under the NCIB, the Company intends to acquire up to 2.22 million common shares in the capital of the Company, representing approximately 5 per cent of its issued and outstanding common shares. No more than 2 per cent of the outstanding shares may be purchased in any 30-day period. As of August 8, 2023, the Company had 44,452,654 common shares issued and outstanding. The normal course issuer bid will commence on August 15, 2023, and end no later than August 15, 2024. The Company may terminate the NCIB earlier if it feels it is appropriate to do so.
The Company is commencing the NCIB because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business and future prospects. PI Financial Corp. has been appointed to conduct the NCIB and the purchase and payment of the shares will be made in accordance with all requirements of the Canadian Securities Exchange and applicable securities laws. All prices paid for the shares will be the market price at the time of purchase. All shares purchased will be canceled.
Gary Schellenberg, President and CEO of the Company, commented: "This move, to buy our stock back, is evidence of our overwhelming confidence in our project portfolio and strong belief in the current under-valuation of the Company's share price. The proposed purchase of the Company's common shares will strengthen an already attractive capital structure and bring greater value to Origen and its shareholders."
About Origen
Origen is fully focused on its 100% interest in the Los Sapitos Lithium project in Argentina and its 100% interest in the 33,000 ha Newfoundland Lithium projects, and also holds a property portfolio of four 100% owned precious and base metal projects in southern British Columbia, a 100% interest in the 26,771 ha LGM project and a 100% interest in the 3,971 ha Wishbone project, both in the mineral-rich Golden Triangle of British Columbia.
On behalf of Origen,
Tom Hawkins
Managing Director
For further information, please contact Blake Morgan, President at 236-878-4938 or Gary Schellenberg, CEO at 604-681-0221.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176460
