Origen Closes Second Tranche Of Financing
The Company issued 2,300,000 units (" Units ") at a price of $0.05 per Unit for gross proceeds of $115,000. Each Unit is comprised of one Share and one-half share purchase warrant (each whole, a " Warrant "). Each Warrant entitles the holder to acquire one additional Share in the capital of the Company at a price of $0.075 per Share for a period of 18 months from the date of issuance.
The Company paid finder's fees totalling $1,750 in connection with this portion of the Financing to eligible arm's length finders in accordance with CSE policies and applicable securities laws.
All securities issued in connection with the Financing were issued pursuant to one or more prospectus exemptions available to the Company and are subject to a statutory hold period of four months and one day from the date of issuance as required under applicable securities laws. Closing of the second tranche of the Financing was subject to customary closing conditions that include applicable CSE filings and approvals. The net proceeds of the Offering will be used for general working capital, including certain payments of outstanding management fees, and exploration expenditures.
Certain insiders of the Company purchased Units under the Financing, which participation constituted a related-party transaction, as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The issuance of Units to insiders is exempt from the formal valuation requirements of Section 5.4 of MI 61-101, pursuant to Subsection 5.5(a) of MI 61-101, and exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101, pursuant to Subsection 5.7(1)(a) of MI 61-101.
None of the securities sold in connection with the Financing will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Origen
Origen is fully focused on its 100% interest in the Los Sapitos Lithium project in Argentina and its 100% owned gold-silver Wishbone project in the Golden Triangle of British Columbia, along with a property portfolio of three 100% owned precious and base metal projects in southern British Columbia.
On behalf of Origen,
Gary Schellenberg
CEO and Director

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