/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
(In Canadian Dollars unless otherwise stated)
TORONTO, Sept. 1, 2020 /CNW/ - Trigon Metals
Inc. (TSXV: TM) ("Trigon" or the
"Company") announces that it has entered into an
agreement with Cormark Securities Inc. ("Cormark") as lead
agent and including M Partners Inc. (collectively with Cormark the
"Agents"), pursuant to which they have agreed to act as
agents in connection with a fully marketed private placement
offering of units of the Company (the "Units") at a price of
$0.35 per Unit for aggregate gross
proceeds to the Company of a minimum of $5.0
million (the "Offering").
Each Unit will consist of one common share of the Company (a
"Common Share") and one-half of one Common Share purchase
warrant (each full warrant, a "Warrant"). Each Warrant will
entitle the holder to acquire one Common Share of the Company at an
exercise price of $0.45 for a period
of 36 months following the closing of the Offering.
The Company has granted to the Agents an option (the
"Over-Allotment Option"), exercisable in whole or in part,
in the sole discretion of the Agents, for a period of 30 days from
and including the closing date of the Offering, to purchase
additional Units, additional Shares and/or additional Warrants, in
an aggregate amount not to exceed 15% of Units, Shares or Warrants
sold pursuant to the Offering, on the same terms and at the same
price as the Units, Shares and Warrants sold under the Offering, to
cover over-allotments, if any, and for market stabilization
purposes.
The net proceeds of the Offering will be used to acquire
additional silver-copper projects associated with the Silver Hill
Project in Morocco, for
exploration on the Silver Hill Project and general corporate
purposes.
The Offering is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory and other
approvals including the approval of the TSX Venture Exchange (the
"TSXV") and is scheduled to close on or about September 22, 2020.
The Agents will be entitled to a cash fee and compensation
warrants on the sale of Shares in accordance with the policies of
the TSXV.
This new 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 or for the
account or benefit of a U.S. person (as defined in Regulation S
under the U.S. Securities Act) unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development
company with its core business focused on copper and silver
holdings in mine-friendly African jurisdictions. Currently the
company has operations in Namibia
and Morocco. Namibia is one of the world's most prospective
copper regions, where Trigon has substantial assets in place. The
Company continues to hold an 80% interest in five mining licences
in the Otavi Mountain lands, an area of Namibia widely recognized for its high-grade
copper deposits. Within these licences are three past producing
mines including the Company's flagship property, the Kombat
Mine.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking information and
forward-looking statements under applicable securities laws, which
information and/or statements relate to future events or future
performance (including, but not limited to, the size of the
Offering, the participation by insiders of the Company, the
proposed use of proceeds and the anticipated closing date thereof)
and reflect management's current expectations and assumptions. Such
forward-looking information and statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. Readers are
cautioned that such forward-looking information and statements are
neither promises nor guarantees, and are subject to risks and
uncertainties that may cause future results to differ materially
from those expected including, but not limited to, the availability
of financing, market conditions and future prices for copper, gold
and silver, changes in personnel, actual results of exploration
activities, environmental risks, operating risks, accidents, labour
issues, delays in obtaining governmental approvals and permits, and
other risks in the mining industry. All the forward-looking
information and statements made in this news release are qualified
by these cautionary statements and those in our continuous
disclosure filings available on SEDAR at www.sedar.com.
The forward-looking information and statements in this news
release are made as of the date hereof and the Company does not
assume any obligation to update or revise them to reflect new
events or circumstances save as required under applicable
securities legislation.
Neither the 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.
SOURCE Trigon Metals Inc.