Origen appoints Natasha Tsai as CFO, closes short-term loan deal
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Vancouver, British Columbia – (Newsfile Corp. – October 18, 2021) – Origine Resources Inc.(CSE: ORGN) (FSE: 4VXA)(the “Company” or “Origen”)is pleased to announce that she has appointed Natasha Tsai as Chief Financial Officer and accepts the resignation of Elizabeth Richards.
Ms. Tsai, CPA, CA, is Managing Director of Malaspina Consultants Inc. and has served as a Senior Advisor and Chief Financial Officer to companies in a wide range of industries. Natasha specializes in the areas of financial operations and business performance. Prior to 2012, Natasha was CFO of a junior mining company and corporate controller of a start-up in the energy sector. Natasha graduated from the Sauder School of Business at UBC and obtained her Chartered Accountant designation in 2007. She is also a past co-chair of the CA Youth Forum at the Institute of Chartered Accountants of BC.
The Company would like to thank Ms. Richards for her dedication and expertise which has helped navigate the Company since its inception and wishes her the best in her future endeavors.
Short term loan agreement
Origen has entered into a short-term loan facility with Crest Resources Inc. (“Crest”), a company which currently holds 6,000,000 shares of Origen.
Pursuant to the terms of the agreement, Crest will advance to the Company one million dollars ($ 1,000,000.00) for a period of thirty days at an interest rate of 0% per annum and the Company will pay Crest a single premium of one hundred and sixty thousand (160,000) ordinary shares of Origène, which will bear a restrictive mention of 4 months and one day from the date of issue. The loan is deemed to be a non-arm’s length transaction as Crest owns more than 10% of the Company. In addition, one of the directors of the Company, Garry Stock is also a director of Crest, which makes the transaction a related party transaction and subject to MI 61-101. Since the Company’s shares only trade on the Canadian Securities Exchange, the issuance of securities is exempt from the formal valuation requirements of section 5.4 of NI 61-101 in accordance with subsection 5.5 (1). (b) of NI 61-101 and is exempt from the minority shareholder approval requirements under subsection 5.7 (1) (a) of NI 61-101, as the value of the loan transaction is less than 25% of Origen’s market capitalization.
The Loan Facility and the Free Shares are subject to the Company’s filing requirements with the Canadian Securities Exchange.
The loan facility will be used to participate in the private placement announced by Forty Pillars Mining Corp. (“Forty Pillars”), the terms of which were disclosed in Forty Pillar’s press release dated October 6, 2021. Participation in the private placement is deemed to be an arm’s length transaction because Gary Schellenberg, an officer and director of ‘Origen, is also a director of Forty Pillars, which abstained from voting on the board of directors on the proposed private placement transaction. .
Origen is an exploration company engaged in the generation, acquisition and advancement of basic properties, precious metals and lithium. The Company currently holds a portfolio of properties of four 100% base and precious metals projects in southern British Columbia, a 100% interest in the 26,771 ha LGM project and an option to acquire an interest. of 100% in the 3,971 ha Wishbone property in the mining sector. the rich Golden Triangle of British Columbia, a 100% interest in the Middle Ridge gold project, a 100% interest in 13 lithium prospects in Newfoundland and an option to acquire a 100% interest in the Los Sapitos lithium project in Argentina.
In the name of Origen,
For more information, please contact Blake Morgan, President at 236-878-4938 or Gary Schellenberg, CEO at 604-681-0221.
Neither the Canadian Securities Exchange nor its regulatory services provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Some of the statements made and information contained in this document may constitute “forward-looking information”. In particular, references to the private placement and future work programs or expectations about the quality or results of such work programs are subject to the risks associated with transactions on the property, exploration activity in general, limitations and availability of equipment, as well as other risks that we may not currently be aware of. Therefore, readers are advised not to place undue reliance on forward-looking information. Unless required by applicable securities legislation, the Company assumes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100071