TRIGON CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT FINANCING
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Toronto, Canada – August 22, 2017 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) has closed the second and final tranche (the “Second Tranche”) of its previously announced non-brokered private placement of units (the “Units”). In this Second Tranche, the Company issued 3,116,667 Units at a price of $0.30 per Unit for aggregate gross proceeds of $935,000.
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 Second Tranche.
Under the initial tranche of the private placement, which closed on July 31, 2017, Trigon issued a total of 1,848,333 Units for aggregate gross proceeds of $554,500 (the “Initial Tranche”).
Pursuant to the Initial Tranche and the Second Tranche, the Company has raised a total of $1,489,500.
The Company intends to use the net proceeds from the Second Tranche for exploration and development of the Kombat Mine, and for working capital and general corporate purposes.
The Second Tranche is subject to final approval of the TSX Venture Exchange. The securities issued pursuant to the Second Tranche will be subject to a four month and one day statutory hold period expiring on December 23, 2017. In connection with the Second Tranche, Trigon paid finder’s fees of $10,449.97.
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
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.