Origin Gold Announces Closing of Private Placement
TSX VENTURE: OIC
MONTREAL, May 16, 2019 (GLOBE NEWSWIRE) -- Origin Gold Corporation ("Origin or the “Corporation") (TSX VENTURE: OIC) is pleased to announce that it has closed a private placement (the “Placement”), by issuing a total of 3,566,000 units of Origin (the “Units”) at $0.10 per Unit, for total gross proceeds of $356,600. Together with the financing closed in March 2019 (March 29, 2019 news release), the Corporation raised aggregate gross proceeds of $965,600.
The Corporation plans to use the net proceeds from the Placement to fund exploration expenditures at the Corporation’s La Pantera project, as well as for other corporate purposes and general working capital.
Each Unit consists of one common share (a “Common Share”) and one-half of a common share purchase warrant (a “Warrant”) of Origin. Each Warrant entitles the holder to purchase one Common Share at a price of $0.15 during a two-year period following the issuance of the Warrant.
The Placement was carried out pursuant to prospectus exemptions under applicable securities laws in Canada and the securities issued are subject to a four-month hold period expiring on September 16, 2019.
The Placement is subject to final acceptance by the TSX Venture Exchange.
The Corporation paid a cash commission of $20,000 on a portion of the Placement.
Origin is a mineral exploration company with its exploration activities focused in Colombia.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Origin deems the expectations reflected in these forward-looking statements to be reasonable, the Corporation cannot provide any guarantee as to the materialization of the expectations reflected in these forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.