Origen Makes Strategic Investment in Opawica Explorations Inc.
"We are pleased and excited to have made a strategic investment in an active and emerging gold district highlighted by the recent success of New Found Gold.
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that it has made a strategic investment into Opawica Explorations Inc. (TSXV: OPW), a Canadian junior exploration company holding a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and 39,000 ha in Newfoundland's new gold district.
"We are pleased and excited to have made a strategic investment in an active and emerging gold district highlighted by the recent success of New Found Gold. This investment compliments the Company's project generation business model by providing it access to additional opportunities throughout the district," states Gary Schellenberg, Company President.
About Opawica
Opawica currently holds a 100% interest in six projects totalling 39,000 ha in the Exploits subzone of Newfoundland. These assets host similar geological, geochemical, and structural settings similar to the adjacent Queensway discovery. The lack of modern exploration on the properties presents an opportunity for significant new discoveries in this emerging gold district. Opawica also holds two flagship high grade gold assets in Quebec, which are fully funded for a 10,000m drill program.
The Transaction
Origen has purchased 750,000 units @ $0.40 per unit with each unit comprising one common share and one half of one share purchase warrant with each full warrant being exercisable into a common share at a price of $0.60. The transaction is deemed to be a non-arm's length transaction as Blake Morgan, a Director of Origen is also an Officer and Director of Opawica.
Other News
The company has issued 200,000 warrants to a consultant of the issuer, in partial consideration of the services provided. The warrants are exercisable for a period of 2 years at 36 cents per share.
About Origen
Origen is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties. The Company currently holds a property portfolio of four 100% owned precious and base metal projects in southern British Columbia, a 100% interest in the 26,771 ha LGM project and an option to acquire a 100% interest in the 3,971 ha Wishbone property in the mineral rich Golden Triangle of British Columbia, a 100% interest in the Middle Ridge gold project and a 100% interest in 12 lithium prospects in Newfoundland.
On behalf of Origen,
Gary Schellenberg, CEO
For further information, please contact Blake Morgan, President at 236-878-4938 or Gary Schellenberg, CEO at 604-681-0221.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86946