Origin Gold Announces AGM Results and $500,000 Private Placement at $0.05 Per Unit
TORONTO, May 19, 2020 (GLOBE NEWSWIRE) — Origin Gold Corporation (“Origin Gold” or the “Company”) (TSXV: OIC) is pleased to announce (i) the results of its annual general and special meeting of shareholders (“AGM”) held on Friday, May 15, 2020 in Toronto, Canada and (ii) that it intends to complete a non-brokered private placement financing of up to 10,000,000 units (each, a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to $500,000 (the “Offering”).
AGM ResultsThe nominees listed in the management information circular (the “Circular”), which was mailed to Origin Gold shareholders of record as of April 13, 2020, were elected to the board of directors of the Company to hold office until the next annual meeting of shareholders or until their successors are duly appointed or elected.A total of 5,120,065 common shares were voted at the AGM, representing approximately 9.92% of the issued and outstanding common shares of the Company.In addition, Origin Gold shareholders received the audited consolidated financial statements of the Company for the year ended December 31, 2019 and approved all of the other resolutions detailed in the Circular and put forward at the AGM, namely:Re-appointing Raymond Chabot Grant Thornton LLP as auditor of the Company for the ensuing year and authorizing the directors to fix the auditor’s remuneration; andApproving the Company’s stock option plan for the ensuing year, reserving for grant options to acquire up to a maximum of 10% of the issued and outstanding Origin Gold common shares calculated at the time of each stock option grant.The Circular is available under Origin Gold’s profile on SEDAR at www.sedar.com.The OfferingPursuant to the Offering, each Unit will consist of one common share of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”), entitling the holder to acquire one additional Common Share at an exercise price of $0.075 for a period of 24 months from issuance.Closing of the Offering is expected to occur on or about June 5, 2020. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. The Company intends to use the net proceeds of the Offering for general corporate purposes and to add personnel to its mining team. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of the approval from the TSX Venture Exchange (“TSXV”). Finder’s fees may be paid to eligible finders in accordance with the policies of the TSXV consisting of a cash commission equal to up to 7% of the gross proceeds raised under the Offering and finder warrants (“Finder Warrants”) in an amount equal to up to 7% of the number of Units sold pursuant to the Offering. Each Finder Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.075 per Common Share for a period of 24 months following the closing date of the Offering.About Origin GoldOrigin Gold is a mineral exploration company with its exploration activities focused in Colombia.For additional information, please contact:
President and CEO
www.origingoldcorp.comCautionary Note Regarding Forward-looking InformationThis press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, including the Company’s intended use of proceeds, closing conditions and timing and other matters related thereto, and the election and appointment of directors. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.