Vancouver, British Columbia--(Newsfile Corp. - June 20, 2023) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce it has closed the last tranche of its private placement. The Company issued 2 million units under this last tranche, at a price of $0.25 per unit, for gross proceeds of $500,000. 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. The Company intends to use the proceeds from the private placement for exploration on its properties and general working capital.
All securities issued under the private placement are subject to a hold period of four months and a day from the date of issuance.
The private placement was entirely subscribed by Gabriel Pindar, who is a member of the Company's advisory board. Mr. Pindar now holds 4,000,000 common shares of the Company and 2,000,000 share purchase warrants, which represents approximately 9% of the Company's outstanding shares on an undiluted basis and 12.97% of the Company's outstanding securities on a partially diluted basis, assuming Mr. Pindar exercises all of his warrants.
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, and a 100% interest in the 26,771 ha LGM project in the mineral rich Golden Triangle of British Columbia.
On behalf of Origen,
Thomas Hawkins
Managing 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 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/170653
