Origen Closes First Tranche of Flow-Through Financing
Vancouver, British Columbia--(Newsfile Corp. - July 29, 2022) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce it has closed the first tranche of the flow-through private placement announced on July 21, 2022. The Company is in receipt of $480,000 for 1,600,000 flow-through Units at $0.30 per Unit. Each Unit consists of one flow-through share plus one half of one share purchase warrant with each full warrant being exercisable for a two year period at $0.50. The Company anticipates that the final tranche of the placement will be closed in the coming days.
The securities issued under the financing have a hold period of four months and one day from closing. The proceeds from the financing will be used to incur eligible Canadian exploration expenses that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada).
Origen is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties. The Company currently 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, a 100% interest in both the Middle Ridge gold project and 20 lithium prospects in Newfoundland, and a 100% interest in the Los Sapitos Lithium project in Argentina.
On behalf of Origen,
For further information, please contact Blake Morgan, President at 236-878-4938 or Gary Schellenberg, CEO 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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