pcNewsWire – Trigon Metals Inc. (TSX-V: TM) has closed first tranche of previously announced non-brokered private placement, issuing 1,616,667 units at $0.30 per unit for gross proceeds of $485,000.
Proceeds will be used for exploration and development of the Kombat Mine, and for working capital and general corporate purposes.
TRIGON CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT FINANCING
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Toronto, Canada – June 1, 2017 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) has closed a non-brokered first tranche (the “First Tranche”) of its previously announced private placement of units (the “Units”). The Company issued 1,616,667 Units at a price of $0.30 per Unit for aggregate gross proceeds of $485,000.
Each Unit consists of one common share of the Company (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.40 for a period of 36 months following the closing date of the First Tranche.
The Company intends to use the net proceeds from the First Tranche for exploration and development of the Kombat Mine, and for working capital and general corporate purposes.
The First Tranche is subject to final approval of the TSX Venture Exchange. The securities issued pursuant to the First Tranche will be subject to a four month and one day statutory hold period expiring on October 2, 2017. The Company did not pay any finder’s fees in connection with the First Tranche.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia particularly known 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:
Investor Relations +1 (416) 433-5696
SOURCE: Trigon Metals Inc.