Origen Resources Provides Corporate Update
Vancouver, October 7, 2024 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") announces that it has been in discussions for a number of months with a strategic investor regarding a significant and transformative investment into Origen that would result in a change of control following the proposed second tranche of the investment.
The terms of the investment (aggregate dollar amount and price per share) had been agreed to by September 27, 2024. The Company was aware it needed shareholder approval for the Control Person to be created (under the policies of the Canadian Securities Exchange) resulting in a "control person vote" resolution being included in its information circular for its October 25, 2024 annual general and special meeting of shareholders. The information circular and related meeting materials were prepared on the basis of the agreed investment terms and in reasonable anticipation that the subscription agreement with the strategic investor would be signed before the printing and mailing was completed. To-date the terms of the proposed investment disclosed in the circular ($3,000,000 at $0.06 per share in two tranches) continue to be discussed with the strategic investor on the same terms as disclosed; however, the subscription agreement has not yet been signed due to delays on the part of the strategic investor and therefore, the Company has no assurances that the subscription agreement will be signed on the agreed terms or at all. The Company received confirmation from its transfer agent that the mailing of its shareholder meeting materials was completed on Friday, October 4, 2024. The Company has now posted its meeting materials on SEDAR+ which includes disclosure of the proposed strategic investment and its terms, and the control person vote. Shareholders are advised to watch the Company's news releases for updates on this strategic investment to allow them to vote based on current and updated information.
On behalf of Origen,
Thomas Hawkins
Director
For further information, please contact Gary Schellenberg, Chief Executive Officer, 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 strategic investor and intended private placement are subject to risks associated with the investment not completing on the terms disclosed in the Company's information circular or at all, 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/225815
