Tri Origin Announces Share Consolidation
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
AURORA, Ontario, July 10, 2020 (GLOBE NEWSWIRE) -- Tri Origin Exploration Ltd. (TSX-V: TOE) (the “Company”) is pleased to announce that it intends to restructure the Company’s share capital (the “Restructuring”) to assist in positioning itself to move ahead with financing activities and commence diamond drilling programs at its key gold projects in the Canadian Shield of Ontario.
The Restructuring will be conducted by way of a share consolidation of the share capital of the Company on a ratio of one (1) post consolidation share for every five (5) pre-consolidation shares. The Company currently has 127,299,639 common shares issued and outstanding. The Company also expects that, subject to receipt of final approval of TSX Venture Exchange (the “TSX-V”) to a proposed debt settlement transaction described in greater detail in the Company’s July 3, 2020 news release, another 4,559,407 pre-consolidation common shares will be issued prior to the completion of the Restructuring. It is anticipated that the Restructuring will result in approximately 26,371,809 post consolidation common shares. The Company will not be changing its name and trading symbol in connection with the Consolidation.
The Restructuring has received approval of the Shareholders at the special meeting of the shareholders of the Company held on April 16, 2020. Completion of the Restructuring is subject to acceptance by the TSX-V. It is the Company’s intention to proceed on completion of the Restructuring with a financing through the issuance of post consolidation securities of the Company at the then current market conditions.
Questions regarding the Restructuring should be directed to the Company as noted below.
The Company also announces that the Company’s Board of Directors has granted incentive stock options under the Company’s stock option plan to its directors, officers and consultants entitling the purchase of an aggregate 4,300,000 common shares at a per share price of $0.05 for a period of 5 years.
For information about Tri Origin, please contact: Dr. Robert Valliant, President, (905) 727-1779; Steve Dawson, (647) 998-9495; E-mail: invest@triorigin.com or visit www.triorigin.com, SEDAR www.sedar.com.
About Tri Origin
Tri Origin Exploration Ltd. is publicly listed on the TSX-V under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada.
Forward Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.