NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, March 18, 2019 (GLOBE NEWSWIRE) -- Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) intends to complete a non-brokered private placement financing of up to 17,500,000 common shares (the “Shares”) at a price of $0.10 per Share for gross proceeds of up to $1,750,000 (the “Offering”).
Closing of the Offering is expected to occur on or about March 29, 2019 and remains subject to customary closing conditions, including the approval of the TSX Venture Exchange. The Shares issued pursuant to the Offering will be subject to a hold period of four months and one day.
The Company intends to use the net proceeds from the Offering to advance its project finance transaction with Shandong Xinhai Mining Technology & Equipment Inc. and other interested parties, property maintenance and security for the Kombat project, and for general corporate purposes.
The Company also announces the appointment of Jed Richardson as Chief Executive Officer of the Company, effective immediately. Mr. Richardson currently serves as Trigon’s President, the announcement consolidates the roles and is one of a number of streamlining moves as Trigon prepares to advance the Kombat project. Mr. Richardson’s appointment follows the resignation of Stephan Theron as Chief Executive Officer. Mr. Theron will continue as a director of the Company.
Commenting, President and CEO, Jed Richardson, “Thank you to Mr. Theron for his efforts for Trigon at Kombat. Mr. Theron will continue to work on behalf of the Company from the board of directors. My focus now is to develop both our short and longer-term capital raising strategies, initially to accelerate the commencement of open pit mining at Kombat. Thereafter, we need to ensure sustainability of the business, as we access the previously operational underground mines which represent the life of mine at Kombat and the overwhelming value for our shareholders.”
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper operations in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia widely recognized for its high-grade copper deposits. Within these licenses are three past producing mines including the Company’s flagship property, the Kombat Mine.
For further information, contact:
+1 416 861 5893
This news release may contain forward-looking statements. These statements include statements regarding the Offering, the expected use of proceeds of the Offering, the impact of changes to Trigon’s management team, the Company’s ability to partner with third parties and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.