Furthermore, Tri Origin has the option to increase the offering to raise an additional C$1 million in gross proceeds.
It is expected that Canadian miners O3 Mining (TSXV: OIII) and Osisko Mining (TSX: OSK) will participate in the offering by purchasing 2.4 million and 3.2 million units respectively. Both O3 and Osisko will also be granted a right to nominate one person to Tri Origin’s board of directors.
Upon completion, O3 would hold 11.58% of Tri Origin’s share capital, while Osisko would own 15.14% of its outstanding shares, calculated on a partially diluted basis. Neither O3 nor Osisko held any shares in Tri Origin prior to the offering.
Tri Origin is currently exploring for gold and base metals across various projects in Ontario and Quebec.
Shares of Tri Origin soared nearly 26% by 1 p.m. EST on the TSXV. The junior miner has a market capitalization of C$4.6 million.
