Trigon Metals receives green light on warrant term extension

Trigon Metals Inc, further to its November 29, 2022 press release, the TSX Venture Exchange has approved the extension of the exercise period of a total of 11,649,996 share purchase warrants, all of which are exercisable at $0.20 per common share by 12 months to January 8, 2024.

The Warrants were issued pursuant to a private placement which closed on January 8, 2020. All other terms and conditions of the Warrants remain unchanged. The Original Press Release contained a clerical error stating that there were 4,983,330 Warrants outstanding however there are 11,649,996 Warrants outstanding.

A total of 6,666,666 Warrants are held by a party who is considered to be a “related party” of the Company. Therefore, the amendment of the term of the Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 – Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines have been relied upon as the fair market value of the Warrants held by related part does not exceed 25% of the market capitalization of the Company.

Trigon Metals Inc.

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.