Vancouver, May 25, 2023 - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce it 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 $0.25 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, does 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 services 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 CSE policies.
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, a 100% interest in the 26,771 ha LGM project in the mineral rich Golden Triangle of British Columbia, and a portfolio of investments from prior property joint ventures and sales.
On behalf of Origen,
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.
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