Trigon Closes Books and First Tranche of Private Placement Financing
TRIGON CLOSES BOOKS AND FIRST TRANCHE OF PRIVATE PLACEMENT FINANCING
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Toronto, Canada – February 7, 2022 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”)
has closed a non -brokered first tranche (the “First Tranche”) of its previously announced non -
brokered private placement financing of units (the “Offering”). The Company issued 3,312,642 units
(the “Units”) at a price of $0.35 per Unit for aggregate gross proceeds of $1,159,425. The books are
now closed. A second tranche of confirmed orders totaling $ 863,029.15 is expected to close this
week.
Each Unit is comprised of one common share of Trigon (a “Share”) and one -half of one common
share purchase warrant ( each whole warrant, a “Warrant”). Each Warrant entitle s the holder
thereof to acquire one Share at a price of $0.50 for a period of 24 months following the date hereof,
subject to an acceleration provision whereby in the event that at any time after the expiry of the
statutory hold period, the Shares trade at $0.75 or higher on the TSX Venture Exchange for a period
of 30 consecutive days, the Company shall have the right to accelerate the expiry date of the
Warrants to the date that is 30 days after the Company issues a news release announcing that it has
elected to exercise the acceleration right.
In connection with the First Tranche, the Com pany paid cash finder’s fees of $ 52,846 and issued
149,560 finder’s warrants (the “Finder Warrants”) to eligible finders. Each Finder Warrant will
entitle the holder thereof to acquire one Share at a price of $0.35 for a period of 24 months following
the d ate hereof. The First Tranche remains subject to the final approval of the TSX Venture
Exchange.
All securities issued in connection with the First Tranche are subject to a statutory hold period of
four-months and one-day. The Company intends to use the net proceeds from the First Tranche for
the recommencement of mining at the Kombat mine and for working capital and general corporate
purposes.
Update
Ramp up continues at the mine, ore delivery to the mill is steadily improving, head grades are
meeting expectations and dilution appears to be minimal. The mill has transitioned from batch
processing to more continuous operation, with commercial production expected to be reached in
March 2022.
Options
In recognition of the tremendous work complete d in the start-up of the Kombat Mine has granted
4.41 million stock options to mine site management, senior management directors and contractors
In addition, Trigon is granting 1.65 million options to contractors. The options are exercisable at 34
cents per share. The term of the options is for a period 5 years from the date of grant. The option
grants are subject to the approval of the TSX Venture Exchange.
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. In Namibia, the Company holds an 80% interest in five
mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade
copper deposits, where the Company is focused on exploration and re -development of the
previously producing Kombat mine. In Morocco, the Company is the holder of the Silver Hill project,
a highly prospective copper and silver exploration project.
For further information, contact:
Jed Richardson
+1 647 276 6002
Website: www.trigonmetals.com
Cautionary Notes
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 thi s
release.
This news release may contain forward -looking statements. These statements include statements
regarding the Offering, the expected timing and size of future tranches of the Offering, the expected
use of proceeds of the Offering and the Company’s future plans and objectives. These statements
are based on current expectations and assumptions that are subject to risks and uncertainties. Actual
results could differ materially because of factors discussed in the management discussion and
analysis section of our interim and most recent annual financial statements or other reports and
filings with the TSX Venture Exchange and ap plicable Canadian securities regulations. We do not
assume any obligation to update any forward-looking statements, except as required by applicable
laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of t he
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 U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.