TM Halted....press release 2020-09-01 16:00 ET - News Release
Mr. Jed Richardson reports
TRIGON ANNOUNCES MARKETED PRIVATE PLACEMENT FOR C$5.0 MILLION
Trigon Metals Inc. has entered into an agreement with Cormark Securities Inc. as lead agent and including M Partners Inc., pursuant to which they have agreed to act as agents in connection with a fully marketed private placement offering of units of the company at a price of 35 cents per unit for aggregate gross proceeds to the company of a minimum of $5-million.
Each unit will consist of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each full warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share of the Company at an exercise price of $0.45 for a period of 36 months following the closing of the Offering.
The Company has granted to the Agents an option (the "Over-Allotment Option"), exercisable in whole or in part, in the sole discretion of the Agents, for a period of 30 days from and including the closing date of the Offering, to purchase additional Units, additional Shares and/or additional Warrants, in an aggregate amount not to exceed 15% of Units, Shares or Warrants sold pursuant to the Offering, on the same terms and at the same price as the Units, Shares and Warrants sold under the Offering, to cover over-allotments, if any, and for market stabilization purposes.
The net proceeds of the Offering will be used to acquire additional silver-copper projects associated with the Silver Hill Project in Morocco, for exploration on the Silver Hill Project and general corporate purposes.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange (the "TSXV") and is scheduled to close on or about September 22, 2020.
The Agents will be entitled to a cash fee and compensation warrants on the sale of Shares in accordance with the policies of the TSXV.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently the company has operations in Namibia and Morocco. Namibia is one of the world's most prospective copper regions, where Trigon has substantial assets in place. The Company continues to hold an 80% interest in five mining licences in the Otavi Mountain lands, an area of Namibia widely recognized for its high-grade copper deposits. Within these licences are three past producing mines including the Company's flagship property, the Kombat Mine.
We seek Safe Harbor.