[embeddoc url=”https://www.trigonmetals.com/wp-content/uploads/Trigon-Metals-Jun-30-2019-Q1-2020-MDA.pdf” viewer=”google”]
Q1 2020 – Financial Statements
[embeddoc url=”https://www.trigonmetals.com/wp-content/uploads/Trigon-Metals-Jun-30-2019-Q1-2020-Financial-Statements.pdf” viewer=”google”]
Trigon Metals Closes Oversubscribed Private Placement Financing
TORONTO, Jan. 08, 2020 – Trigon Metals Inc. (TM.V) (“Trigon” or the “Company”) has closed, on an oversubscribed basis, its previously announced non-brokered private placement financing (the “Offering”). The Company issued 30,000,000 units (the “Units”) at a price of $0.12 per Unit for gross proceeds of $3,600,000. Each Unit is comprised of one common share of Trigon (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share at a price of $0.20 for a period of 36 months following the closing date of the Offering. The Offering was oversubscribed by $600,000.
The Company intends to use the net proceeds from the Offering for reviewing potential strategic acquisition opportunities and for working capital and general corporate purposes.
Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 16,666,666 Units under the Private Placement for a total consideration of $2,000,000. Prior to the Private Placement, Mr. Sprott owned 1,333,333 Shares. As a result of the Private Placement, Mr. Sprott beneficially owns or controls 17,999,999 Shares and 16,666,666 Warrants representing 19.99% of the issued and outstanding common shares of the Company on a non-diluted basis and 32.36% on a partially diluted basis.
The Units were acquired by Mr. Sprott, through 2176423 Ontario Ltd., for investment purposes. Mr. Sprott may acquire additional securities of Trigon including on the open market or through private acquisitions or he may sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors that Mr. Sprott considers relevant from time to time.
A copy of 2176423 Ontario Ltd.’s related early warning report will appear on the Company’s profile on SEDAR (www.sedar.com) and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
Jed Richardson, President and CEO of Trigon commented, “I would like to thank our investors for their ongoing support of the Company as we embark on a New Year. In 2020, we look forward to advancing our new copper initiative in mine-friendly Morocco, while also exploring its apparent silver potential. Likewise, we intend to continue developing our strategic plan for copper in Namibia. We anticipate these funds will play a key role in creating value for our shareholders.”
In connection with the closing of the Offering, the Company paid finder’s fees of $18,750 in cash and issued 187,450 non-transferable finder’s warrants (“Finder’s Warrants”). Each Finder Warrant will entitle the holder thereof to purchase one Share at a price of $0.20 for a period of 36 months from the date of the closing of the Offering.
All securities issued pursuant to the Offering will be subject to a statutory hold period of four months plus one day which expires on May 9, 2020. Closing of the Offering remains subject to the final approval of the TSX Venture Exchange.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licences in the Otavi Mountain lands, an area of Namibia particularly known for its high-grade copper deposits. Within these licences are three past producing mines including the Company’s flagship property, the Kombat Mine.
For further information, contact:
Jed Richardson
+1 416 861 5893
jed.richardson@trigonmetals.com
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 this release.
This news release may contain forward-looking statements. These statements include statements regarding 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 applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TRIGON METALS ANNOUNCES PRIVATE PLACEMENT FINANCING AND APPOINTMENT OF CFO
TORONTO, December 19, 2019 — Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) intends to complete a non-brokered private placement financing of up to 25,000,000 units (the “Units”) at a price of $0.12 per Unit for gross proceeds of up to $3,000,000 (the “Offering”). Each Unit will be comprised of one common share of Trigon (a “Share”) and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.20 for a period of 36 months following the closing date of the Offering.
Closing of the Offering is expected to occur on or about December 27, 2019 and remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the Offering, a finder’s fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one-day.
The Company intends to use the net proceeds from the Offering for advancing the Kombat copper project, reviewing potential strategic acquisition opportunities and for working capital and general corporate purposes.
Appointment of Deborah Battiston as CFO
The Company also announces today that it has appointed Deborah Battiston as Chief Financial Officer, effective immediately.
Deborah Battiston is a CPA-CGA with over 25 years experience in financial management, including public companies, mergers and acquisitions, tax, and financing. She also has extensive experience with fast-paced growth companies and infrastructure creation having managed the financial teams for many successful international and domestic companies across multiple sectors, including but not limited to mining, technology and cannabis. She obtained her BA in Economics from the University of Guelph and holds an ICD.D from the University of Toronto’s Rotman School of Management.
Ms. Battiston replaces Mr. Woodhead, the former Chief Financial Officer of the Company. The management and board of directors of the Company would like to thank Mr. Woodhead for his past service and his continued support of the Company.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licences in the Otavi Mountain lands, an area of Namibia particularly known for its high-grade copper deposits. Within these licences are three past producing mines including the Company’s flagship property, the Kombat Mine.
For further information, contact:
Jed Richardson
+1 416 861 5893
jed.richardson@trigonmetals.com
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 this release.
This news release may contain forward-looking statements. These statements include statements regarding the Offering, the expected use of proceeds of the Offering, the impact of management changes 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 applicable 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 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Trigon Metals Enters Into Agreement to Acquire the High Potential ‘Silver Hill’ Copper and Silver Project in Morocco
TORONTO, Nov. 19, 2019 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to announce that it has entered into a non-binding Memorandum of Understanding (“MOU”) to acquire a 100% interest in the Silver Hill Project (“Silver Hill” or the “Project”) in Morocco (the “Proposed Transaction”).
The Proposed Transaction is centered around the Silver Hill Project, a 16km2 property in the Anti-Atlas region of Morocco, already home to Africa’s major silver mines (Imiter, Zgounder). Morocco is well-known to be a favourable jurisdiction for mining, with an established industry producing at a rate of approximately 40 million tonnes of minerals per year. Morocco produces 90% of the world’s supply of phosphates, and extracts copper, cobalt, gold silver and zinc. Morocco is a friendly business environment with a strong mining history, but very little systematic modern exploration.
Locally referred to as, Aourir N’kort (Silver Hill in the Berber language), early basic surface exploration of the Project shows that it is a high-grade exploration project showing mineralization at high grades distributed over a wide surface area. Ancient slags grading 2.5% Cu are distributed widely across one third of the concession surface, indicating a history of very ancient mining and primitive metal recovery. The presence of historical mine shafts measuring less than 20 metres in depth demonstrate that historical activity only concerned the superficial part of the mineralization and that the potential at depth remains high. Trigon is optimistic that this project and its accompanying team will emerge as a new source of growth, excitement for the Company, and value for its shareholders.
The main structure of interest (Structure 1) is a shallow dipping zone of an assumed true thickness ranging from 1 to 3 metres that has been traced and worked laterally for more than 5km. Two other worked structures have been identified on the Project that appear to be repeats of the mineralization lower in the geological sequence. Each has returned high grades of copper (1.1% to 12.1% Cu), but lower silver values (up to 250-270g/t).
The local partners (the Vendors) made use of a small under-powered drill and were not able to drill through all of the mineralized sequence, however intercepts of high copper and silver were recorded in the shallow holes (1m at 9.35% Cu and 623g/t Ag or 4m at 3.67% Cu and 263 g/t Ag at 35m depth).
Structure 1 – Upper Mineralized Level
Sample ID | Cu% | Ag g/t |
S1LA1 | 3.17% | 230g/t |
S1LA2 | 4.39 | 221g/t |
S1LA3 | 5.77% | 360g/t |
S1LB1 | 8.05% | 477 g/t |
S1LB2 | 3.27% | 179g/t |
S1LB3 | 6.29% | 445g/t |
S1LC1 | 10.16% | 750g/t |
S1LC2 | 5.22% | 566 g/t |
Structure 2 – Middle Mineralized Level
Sample ID | Cu% | Ag g/t |
S2LA1 | 12.56% | 270g/t |
S2LA2 | 6.22% | 24g/t |
S2LB1 | 1.09% | 251g/t |
S2LB2 | 1.25% | 136g/t |
Structure 3 – Lower Mineralized Area
Sample ID | Cu% | Ag g/t |
S3LA1 | 2.97% | 16g/t |
The potential quantities and grades above are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if a mineral resource will be delineated.
In order to close the Proposed Transaction, Trigon must pay to the Vendors CAD$500,000 in cash and issue such number of common shares equal to CAD $750,000. On the one-year anniversary of closing the Proposed Transaction, Trigon must pay to the Vendors an amount of CAD$400,000 in cash and issue such number of shares equal to CAD $250,000. Once an independent NI 43-101 compliant mineral resource estimate has been completed at the Project showing at least 100,000 tonnes of contained copper, Trigon shall issue such number of shares equal to CAD $1,250,000 to the Vendors.
In addition, a finder fee of 5% of the cash and share consideration must be paid in cash by Trigon to an arm’s length person. The finder’s fee shall be paid concurrently with the payments to the Vendors, as described above.
“We are excited to introduce another high-grade copper asset to Trigon’s portfolio. New areas of copper production are important as production declines from the Andean resources on which the world has come to depend for the last 30 years. We aim to explore and develop new copper resources in mining-friendly African jurisdictions. Strong silver grades at Silver Hill fit nicely with the Kombat mine, our asset in Namibia, where silver is already a meaningful by-product credit,” commented Jed Richardson, Trigon President & CEO.
The Proposed Transaction is subject to further due diligence by Trigon, the parties negotiating and entering into a definitive agreement and obtaining of the necessary regulatory approvals, including approval of the TSX Venture Exchange.
Qualified Person
Technical information in this news release has been reviewed and approved by Willem Kotze, P.Geo, a “Qualified Person” as defined under National Instrument 43-101. The data presented in this news release was found to coincide with the laboratory test report by Office National des Hydrocarbures et des Mines (ONHYM), Morocco.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper operations in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia widely recognized for its high-grade copper deposits. Within these licenses are three past producing mines including the Company’s flagship property, the Kombat Mine.
For further information, contact:
Jed Richardson
+1 416 861 5893
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding investment in and financing for the Company and the Kombat operations, the MOU, the Company’s ability to obtain adequate financing, the Company’s ability to closed the Proposed Transaction, the prospectivity of the Project, the Company’s ability to explore the Project and produce a NI 43-101 mineral resource estimate, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s ability to restart the Kombat operations, the Company’s expectations for the Kombat operations, 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 applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
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 this release.
Trigon Metals Strengthens Its Board of Directors With the Appointment of Dr. David Shaw and Nomination of Mr. Daye Kaba
TORONTO, Oct. 21, 2019 – Trigon Metals.Inc. (TSX-V:TM) (“Trigon” or the “Company”) has today announced the appointment of Dr. David Shaw to the Company’s Board of Directors, effective immediately.
Dr. David Shaw brings a wealth of expertise in public companies and exploration geology. He has worked both in the technical and financial communities within the resource industry for nearly 40 years. He served as an in-house structural consultant on both metal and hydrocarbon exploration programs, then as a member of a hydrocarbon project financial evaluation team with Chevron Resources in Calgary and Vancouver. He initiated and developed the Resource Research Group at Charlton Securities Ltd., Calgary before assuming the position of Senior Mining Analyst, Corporate Finance at Yorkton Securities Inc. in Vancouver. Throughout David’s career he has built strong relationships with European financial institutions and the global mining community and gained valuable experience in Africa. Dr. Shaw holds a PhD in Structural Geology from Carleton University.
The appointment of Dr. David Shaw fills the seat of Gordon Neal on the Trigon board, following his resignation. We would like to thank Mr. Neal for his contributions to the Company and board of directors.
The Company’s Annual General Meeting will take place on November 18, 2019 at 11a.m. in Toronto. The remaining directors will return to the board for another term (pending re-election), with the notable exception of Bob Schafer who will not be running for re-election. Trigon wishes to extend its sincere appreciation to Bob Schafer for more than two years of service to the shareholders of the Company as a director. Mr. Daye Kaba is nominated to stand for election in his place.
Daye Kaba brings corporate governance experience and a variety of necessary skills to the Trigon board. He is a partner in the Global Metals & Mining group at McCarthy Tétrault in Toronto. His practice focuses on mergers and acquisitions, securities and commercial law matters, with a focus on the mining sector in Africa. Mr. Kaba previously worked at Fasken Martineau DuMoulin LLP in Toronto and Coudert Brothers LLP in Paris. He received his JD from the University of Michigan and is called to the New York bar and the Ontario bar. Mr. Kaba is a member of various associations including the Canadian Bar Association, the American Bar Association, the World Association of Mining Lawyers (WAOML) and the Prospector and Developers Association of Canada (PDAC). He is fluent in English, French and Portuguese.
Jed Richardson, President and CEO of Trigon Metals, commented, “I am pleased to welcome David and Daye as directors of Trigon. We anticipate their invaluable contributions as we gear up for the restart of the Kombat Mine in Namibia and exploration of other copper developments in Africa.”
In connection with the recent announcements, the Company has granted stock options in accordance with the Company’s stock option plan. David Shaw and Daye Kaba will each receive 350,000 options. Trigon has also granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to an aggregate of 2,335,000 common shares of the Company. The options have an exercise price of $0.18 and will expire five years from the date of grant. The options will vest immediately. The grant of options remains 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 operations focused on copper resources in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licences in the Otavi Mountain lands, an area of Namibia particularly known for its high-grade copper deposits. Within these licences are three past producing mines including the Company’s flagship property, the Kombat Mine.
For further information, contact:
Jed Richardson
jed.richardson@trigonmetals.com
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 this release.
This news release may contain forward-looking statements. These statements include statements regarding the change of the composition of Trigon’s board of directors and the impacts of such changes 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 applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.