March 7, 2011
Toronto, Ontario ? March 7, 2011: Tri Origin Exploration Ltd. (?Tri Origin? or the ?Company?) (TSX-V: TOE) announced today it has completed tranche one of the $1,250,000 private placement financing (the ?Offering?) previously announced on February 18, 2011. Tranche one of the Offering consisted of the sale of 4,400,000 units (the ?Units?) at $0.125 per Unit. Each Unit consists of one common share in the capital stock of the Company (?Common Share?) and one Common Share purchase warrant (?Warrant?). Each Warrant will entitle the holder to acquire one Common Share at a price of $0.25 per share expiring 24 months after the issuance. The Warrants are subject to an early acceleration provision which provides for the exercise or expiry of the Warrants. In the event that closing price of the Common Shares on the principal market on which the Common Shares trade exceeds $0.30 for more than 20 consecutive trading days, the Company may accelerate the expiry time of the Warrants to the date which is 30 days from the issuance by the Company of a news release announcing the trigger of the acceleration right.
Tranche two of the Offering for the remaining 5,600,000 Units is expected to close within one week. All securities issued pursuant to the offering will be subject to a four-month hold period from the date of closing. The private placement remains subject to final approval of the TSX Venture Exchange (TSX-V).
In connection with the Offering, the Company agreed to pay a 3% finder?s fee payable in cash (the ?Cash Finder?s Fee?) and Units (the ?Finder?s Units?) to certain eligible persons (the ?Finder?). Each Finder?s Unit entitles the holder to one Common Share and one Warrant. Each Finder's Warrant entitles the holder to acquire one Common Share on the same terms as the Warrants. On closing for tranche one, the Company issued 60,000 Finder?s Units and a $7,500 Cash Finder's Fee to the Finder.
The proceeds of the Offering will be used to advance the Company?s exploration work on its properties in the Canadian Shield in northern Ontario, particularly its RLX property at Red Lake and the Sky Lake property at Pickle Lake, and for working capital purposes.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Additional information about Tri Origin and its projects is available at www.triorigin.com or from SEDAR at www.sedar.com.
Corporate Inquiries:
Dr. Robert Valliant, President and CEO
Tel: (905) 727-1779
E-mail: invest@triorigin.com
Tri Origin Exploration Ltd. is publicly listed on the TSX-V under the trading symbol TOE. Tri Origin is a leading Canadian exploration company with gold and base metal projects in Canada. Tri Origin has leveraged exposure to mineral discoveries in Australia through an equity interest in its affiliate, TriAusMin Limited - a publicly traded company listed on the Australian Securities Exchange and the Toronto Stock Exchange.