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Tri Origin Exploration (TSXV: TOE) announced on Thursday that it is looking to complete a private placement of units priced at C$0.125 each for gross proceeds of up to C$1.5 million.
Each unit comprises one common share of Tri Origin and one common share purchase warrant. Each warrant entitles the holder to acquire an additional share at C$0.18 for a period of 24 months from the closing date of the offering.
Furthermore, Tri Origin has the option to increase the offering to raise an additional C$1 million in gross proceeds.
It is expected that Canadian miners O3 Mining (TSXV: OIII) and Osisko Mining (TSX: OSK) will participate in the offering by purchasing 2.4 million and 3.2 million units respectively. Both O3 and Osisko will also be granted a right to nominate one person to Tri Origin’s board of directors.
Upon completion, O3 would hold 11.58% of Tri Origin’s share capital, while Osisko would own 15.14% of its outstanding shares, calculated on a partially diluted basis. Neither O3 nor Osisko held any shares in Tri Origin prior to the offering.
Tri Origin is currently exploring for gold and base metals across various projects in Ontario and Quebec.
Shares of Tri Origin soared nearly 26% by 1 p.m. EST on the TSXV. The junior miner has a market capitalization of C$4.6 million.
