On August 20, 2024, Toronto, Ontario–NewOrigin Gold Corp. announced the successful completion of a non-brokered private placement of a convertible debenture totaling CDN$250,000. This convertible debenture was issued to Harfang Exploration Inc. as part of a proposed arrangement between the two companies. The debenture will mature either upon the completion of the transaction between NewOrigin and Harfang, or on January 31, 2025. It carries an interest rate of the prime rate plus 5%, totaling 11.7% per annum as of the current date.
The Convertible Debenture is convertible into up to 5,000,000 NewOrigin Shares at a conversion price of CDN$0.05 per share. Proceeds from this debenture will be used by NewOrigin to settle outstanding accounts payable and loans, as well as cover transaction-related fees.
The issuance of securities related to this private placement is subject to a statutory hold period of four months and one day. Close of the offering is contingent upon various conditions, including approval from the TSX Venture Exchange. It is important to note that this press release does not constitute an offer to sell securities in the United States, as they have not been registered under the United States Securities Act of 1933.
NewOrigin Gold Corp. is a Canadian exploration company specializing in gold projects within the Canadian Shield. The company’s team brings vast experience in gold deposit delineation and development. Trading under the ticker “NEWO” on the TSX Venture Exchange, NewOrigin Gold Corp. remains committed to its goal of drill discovery.
The statements in this press release regarding future plans and objectives involve inherent risks and uncertainties. Actual results may differ from these forward-looking statements due to various factors, including regulatory approvals and market conditions. The Company does not guarantee the accuracy of forward-looking information contained in this release and disclaims any obligation to update or revise such information, unless required by law.
