Origin Gold Provides Update on Colombian Gold Project Acquisition
TORONTO, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Origin Gold Corporation (“Origin Gold” or the “Company”) (TSXV: OIC) is pleased to provide an update on its previously announced acquisition of a gold mining project in Colombia known as the “Otu Central Project” (the “Acquisition”). To satisfy certain conditions imposed by the TSX Venture Exchange (“TSXV”), Origin Gold has entered into an amending agreement dated November 30, 2020 (the “Amending Agreement”) to the share purchase agreement dated October 26, 2020 (the “Share Purchase Agreement”). Please see Origin Gold’s press release dated October 28, 2020 for further details.
Pursuant to the Amending Agreement, the parties to the Share Purchase Agreement agreed that the Origin Gold common shares (“Common Shares”) to be issued to the vendors in connection with the Acquisition shall not be issued at a price less than $0.18 per Common Share (the “Minimum Price”), being the closing price of the Common Shares on October 27, 2020, less a 25% discount. As a result of the Minimum Price, no more than 57,777,778 Common Shares may be issued to the vendors as consideration for the Acquisition. The Acquisition is expected to be completed no later than March 31, 2021.
The Acquisition is an arm’s length transaction for the purposes of the policies of the TSXV and remains subject to the approval of the TSXV. Origin Gold is not paying any finder’s fees in connection with the Acquisition. The closing of the Acquisition is subject to the satisfaction of customary conditions precedent, including, inter alia, approval of the TSXV and the provision of applicable legal opinions.
Jaime Lalinde, Origin Gold’s CEO, commented, “We are working closely with the vendors to diligently complete the conditions to closing of this acquisition.”
About Origin Gold
Origin Gold is a mineral exploration company with its exploration activities focused in Colombia.
For additional information, please contact:
Jaime Lalinde, President and CEO
Phone: (57) 312 350 5864
Email: jlalinde@fmresources.ca
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Acquisition, the Company’s ability to complete the Acquisition, the expected timing of completion of the Acquisition, the receipt of approval of the TSXV in connection with the Acquisition,the resumed trading of Origin Gold’s shares,and other matters related thereto. Generally, forward-looking information can be identified by the use of forward-lookingterminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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