Trigon Metals Closes on C$5.5 million funding from The Lind Partners
May 04 2022 - 7:28PM
Trigon Metals Inc. (TSX.V:TM)
(“
Trigon” or the “
Company”) is
pleased to announce that it has closed on the funding of
C$5,500,000 pursuant to its previously announced convertible
security funding agreement (the “
Agreement”) with
Lind Global Fund II, LP, an entity managed by The Lind Partners,
LLC, a New York-based institutional fund manager (together,
“
Lind”) (see the Company’s press release dated
April 28, 2022 for further details).
Pursuant to the Agreement, Lind has made an
investment of C$5,500,000, less a commitment fee of C$165,000, in
exchange for a convertible security (the “Convertible
Security”) with a face value of C$6,600,000 (the
“Face Value”), representing a principal amount of
C$5,500,000 (the “Principal Amount”) and a
pre-paid interest amount of C$1,100,000 (the “Pre-Paid
Interest”). Commencing four months from today’s date,
Trigon will begin repaying the Convertible Security in C$275,000
monthly installments. Lind will have the right to convert any
portion of the Principal Amount (less the commitment fee) into
common shares of Trigon ("Common Shares") at a
price per share of C$0.335. Pre-Paid Interest will accrue over a
period of 24 months from closing and be calculated at the end of
each calendar month. Once accrued, Lind will have the option, once
every 90 days, to convert accrued Pre-Paid Interest into Common
Shares at a price equal to 90% of the market closing price of the
Common Shares on the TSX Venture Exchange (the “Exchange”) on the
day immediately prior to conversion. The Agreement also contains
strict no shorting provisions.
The Convertible Security ranks senior, secured
by all of Trigon's assets (except the shares in Trigon’s Moroccan
subsidiary), including a general security agreement, a guarantee
from Trigon's Barbados subsidiary and a share pledge of its
Barbados subsidiary shares.
In connection with the issuance of the
Convertible Security, Trigon has issued to Lind 15,925,373 Common
Share purchase warrants exercisable for a term of 24 months at an
exercise price of C$0.35 per Common Share.
The Agreement and the issuance of securities
thereunder were conditionally approved by the Exchange on April 28,
2022. The transactions described herein are subject to final
approval of the Exchange.
About Trigon
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.
About The Lind Partners,
LLC
The Lind Partners manages institutional funds
that are leaders in providing growth capital to small- and mid-cap
companies publicly traded in the US, Canada, Australia and the UK.
Lind’s funds make direct investments ranging from US$1 to US$30
million, invest in syndicated equity offerings and selectively buy
on market. Having completed more than 100 direct investments
totaling over US$1 Billion in transaction value, Lind’s funds have
been flexible and supportive capital partners to investee companies
since 2011.For more information, please visit
http://www.thelindpartners.com.
On behalf of the Board of Directors of Trigon
Metals Inc.:
Jed Richardson, Director and Chief Executive
Officer
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Neither the 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
Convertible Security and Trigon's future business 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.
For further information,
contact:
Jed Richardson+1 647 276
6002jed.richardson@trigonmetals.comWebsite: www.trigonmetals.com
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