Origen Resources Enters into Agreement to Sell 100% Interest in the LGM Project
Origen Resources has entered a definitive agreement to sell a 100% interest in its LGM project to Kingfisher Metals. The sale will combine the LGM project with Kingfisher’s adjacent HWY 37 project, creating a dominant 630 km2 land package in the highly mineralized Golden Triangle region of British Columbia. As part of the agreement, Kingfisher will issue 3 million common shares and pay $75,000 to Origen. The transaction is subject to regulatory approvals and terms outlined in the agreement. Origen positions itself as a significant equity partner in this new venture, potentially benefiting from Kingfisher's exploration activities.
- Origen Resources will receive 3 million common shares from Kingfisher Metals.
- Origen will get a $75,000 payment as part of the agreement.
- The combined land package will span 630 km2, enhancing exploration potential.
- Origen becomes a significant equity partner in Kingfisher's projects, providing future growth opportunities.
- The transaction is subject to various regulatory approvals, which could delay or complicate the process.
- Underlying royalty agreements could affect the profitability of the LGM project.
Vancouver, British Columbia--(Newsfile Corp. - June 6, 2024) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that it has entered into a definitive agreement with Kingfisher Metals Corp. (TSXV: KFR) ("Kingfisher") to sell a
The LGM project lies immediately south of Kingfisher's HWY 37 project and is contiguous to its southern claim boundary. The LGM project holds significant discovery potential and the combination of Kingfisher's Hwy 37 project with the LGM project will create a dominant 630 km2 land package in one of the most mineral endowed regions of British Columbia.
"The strategic sale of the LGM to Kingfisher has positioned Origen as a significant equity partner in one of the largest exploration plays in the Golden Triangle not held by a major company. Kingfisher and it's experienced team are poised to unlock the true potential of this land package and Origen is set to benefit greatly and look forward to being supporters of Kingfisher moving forward," states Gary Schellenberg, CEO.
Terms of the Agreement
Under the terms of the agreement, Kingfisher can purchase a
On behalf of Origen,
Thomas Hawkins
Managing Director
For further information, please contact Gary Schellenberg, Chief Executive Officer, 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/211902
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