18:21:26 EDT Fri 02 Jun 2023
Enter Symbol
or Name

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Origen Resources Inc
Symbol ORGN
Shares Issued 41,188,654
Close 2023-05-25 C$ 0.215
Recent Sedar Documents

Origen closes $266,000 tranche of private placement

2023-05-25 23:38 ET - News Release

Mr. Gary Schellenberg reports


Origen Resources Inc. has closed a further tranche of its private placement. The company issued 1,064,000 units under this most recent tranche, at a price of 25 cents per unit, for gross proceeds of $266,000. Each unit consists of one common share and one-half of one common share purchase warrant, with each full warrant being exercisable for a period of 18 months at 40 cents.

All securities issued under the private placement are subject to a hold period of four months and a day from the date of issuance.

A company controlled by a director of Origen participated in the private placement. This participation by an insider in the offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). However, the company considers such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the units subscribed for by the insider and the consideration for the unit paid by such insider do not exceed 25 per cent of the company's market capitalization.

The company also announces that it has retained the services of Toronto-based Proconsul Capital Ltd., an investor relations and marketing consulting service company. Proconsul, and its principal Andreas Curkovic, provides investor relations services to Canadian publicly listed companies. Proconsul will focus on broadening Origen's relationships in the investment community. Under the terms of the agreement, Proconsul will receive $5,000 per month and will be eligible to receive incentive stock options in accordance with the terms of the company's stock option plan and Canadian Securities Exchange policies.

About Origen Resources Inc.

Origen is fully focused on its 100-per-cent interest in Los Sapitos lithium project in Argentina and its 100-per-cent interest in the 33,000-hectare Newfoundland lithium projects, and also holds a property portfolio of four 100-per-cent-owned precious and base metal projects in Southern British Columbia, a 100-per-cent interest in the 26,771-hectare LGM project in the mineral-rich Golden Triangle of British Columbia, and a portfolio of investments from prior property joint ventures and sales.

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