Origin Gold Announces AGM Results and $500,000 Private Placement at $0.05 Per Unit
May 19 2020 - 7:00PM
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 Results
The 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.
Nominee |
Percentage of Votes For |
Percentage of Votes Withheld |
Scott Moore |
97.56% |
2.44% |
Jaime Lalinde |
97.56% |
2.44% |
Algimantas Didziulis |
97.56% |
2.44% |
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; and
- Approving 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 Offering
Pursuant 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 Gold
Origin Gold is a mineral exploration company
with its exploration activities focused in Colombia.
For additional information, please contact:Jaime
Lalinde President and CEO jaimelalinde@gmail.com
www.origingoldcorp.com
Cautionary Note Regarding
Forward-looking Information
This 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.
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