Tri Origin Exploration Ltd. (TSX-V: TOE) announced today it has
completed the second tranche of the $1,250,000 private placement financing (the Offering )
previously announced on February 18, 2011 which was increased to $1,550,000.
Tranche one of the Offering consisted of the sale of 4,400,000 units (the Units ) at
$0.125 per Unit for gross proceeds of $550,000. Tranche two of the Offering
consisted of the sale of 8,000,000 Units at $0.125 per Unit for gross proceeds
of $1,000,000. Each Unit consists of one common share in the capital stock of the
Company ( Common Share ) and one Common Share purchase
warrant ( Warrant ). Each Warrant will entitle the holder to acquire one Common
Share at a price of $0.25 per share expiring 24 months after the issuance. The
Warrants are subject to an early acceleration provision which provides for the
exercise or expiry of the Warrants. In the event that closing price of the
Common Shares on the principal market on which the Common Shares trade exceeds
$0.30 for more than 20 consecutive trading days, the Company may accelerate the
expiry time of the Warrants to the date which is 30 days from the issuance by
the Company of a news release announcing the trigger of the acceleration right.
All securities issued pursuant to the offering will be subject to a
four-month hold period from the date of closing.
In connection with the second tranche of the Offering, a Finder was
issued 480,000 Units and a finder option to acquire 480,000 Units at an
exercise price of $0.125 per Unit.
The proceeds of the Offering will be used to advance the Company s
exploration work on its properties in the Canadian Shield in northern Ontario,
particularly its RLX property at Red Lake and the Sky Lake property at Pickle
Lake, and for working capital purposes.
This news release is not an offer of Units
for sale in the United States. The securities comprising the Units have not
been and will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration. This press release
shall not constitute an offer to sell or solicitation of an offer to buy nor
shall there be any sale of the above described securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
Additional information about Tri Origin and its projects is available at
www.triorigin.com or from SEDAR at www.sedar.com.
Corporate Inquiries:
Dr. Robert Valliant, President and CEO
Tel: (905) 727-1779
E-mail: invest@triorigin.com
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. Tri Origin has leveraged exposure to
mineral discoveries in Australia through an equity
interest in its affiliate, TriAusMin Limited - a
publicly traded company listed on the Australian Securities Exchange and the
Toronto Stock Exchange.
This news release contains forward-looking statements and
forward-looking information, which are based on
information currently available to the Company, and the Company provides no
assurance that actual results will meet management s expectations. Forward-looking information includes 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 information may be identified by such terms as believes , anticipates , expects , estimates , may , could , would , will , or plan . Since forward-looking information
is based on assumptions and addresses future events and conditions, by their
very nature they involve inherent risks and uncertainties. Actual results
relating to, among other things, the closing of the proposed private placement
and the timing thereof, the receipt of the requisite regulatory approvals, the
receipt of shareholder approval for the issuance of Warrants, the net proceeds
to the Company, and the use or proceeds and future business plans of the
Company, could differ materially from those currently anticipated in such
information for many reasons such as: the failure to obtain the requisite
approvals; the failure to satisfy conditions to closing; changes in
general economic conditions and conditions in the financial markets; changes in
demand and prices for minerals; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments; and other
matters discussed in this news release. This list is not exhaustive of the
factors that may affect any of the Company s forward-looking information.
These and other factors should be considered carefully and readers should not
place undue reliance on the Company s forward-looking information. The Company
does not undertake to update any forward-looking information that may be made
from time to time by the Company or on its behalf, except in accordance with
applicable securities laws.