Origen Resources Provides Corporate Update

Rhea-AI Summary

Origen Resources Inc. (CSE: ORGN) has announced ongoing discussions with a strategic investor for a significant investment that could result in a change of control. The proposed investment terms, agreed upon by September 27, 2024, involve $3,000,000 at $0.06 per share in two tranches. Origen included a 'control person vote' resolution in its October 25, 2024 annual general meeting circular, anticipating the subscription agreement's signing. However, the agreement remains unsigned due to delays from the investor.

The company completed mailing shareholder meeting materials on October 4, 2024, and has posted them on SEDAR+. Shareholders are advised to monitor Origen's news releases for updates on this strategic investment before voting. The company emphasizes that there are no assurances the subscription agreement will be signed on the agreed terms or at all.

Positive

• Potential significant investment of $3,000,000 at $0.06 per share
• Possible strategic partnership and change of control
• Proactive inclusion of 'control person vote' in shareholder meeting

Negative

• Subscription agreement remains unsigned
• Uncertainty about the completion of the strategic investment
• Delays from the strategic investor in finalizing the agreement

Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") announces that it has been in discussions for a number of months with a strategic investor regarding a significant and transformative investment into Origen that would result in a change of control following the proposed second tranche of the investment.

The terms of the investment (aggregate dollar amount and price per share) had been agreed to by September 27, 2024. The Company was aware it needed shareholder approval for the Control Person to be created (under the policies of the Canadian Securities Exchange) resulting in a "control person vote" resolution being included in its information circular for its October 25, 2024 annual general and special meeting of shareholders. The information circular and related meeting materials were prepared on the basis of the agreed investment terms and in reasonable anticipation that the subscription agreement with the strategic investor would be signed before the printing and mailing was completed. To-date the terms of the proposed investment disclosed in the circular ($3,000,000 at $0.06 per share in two tranches) continue to be discussed with the strategic investor on the same terms as disclosed; however, the subscription agreement has not yet been signed due to delays on the part of the strategic investor and therefore, the Company has no assurances that the subscription agreement will be signed on the agreed terms or at all. The Company received confirmation from its transfer agent that the mailing of its shareholder meeting materials was completed on Friday, October 4, 2024. The Company has now posted its meeting materials on SEDAR+ which includes disclosure of the proposed strategic investment and its terms, and the control person vote. Shareholders are advised to watch the Company's news releases for updates on this strategic investment to allow them to vote based on current and updated information.

On behalf of Origen,

Thomas Hawkins
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 strategic investor and intended private placement are subject to risks associated with the investment not completing on the terms disclosed in the Company's information circular or at all, 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/225815

FAQ

What is the proposed investment amount and share price for Origen Resources (CSE: ORGN)?

The proposed investment is $3,000,000 at $0.06 per share, to be completed in two tranches.

When is Origen Resources' (CSE: ORGN) annual general and special meeting of shareholders scheduled?

Origen Resources' annual general and special meeting of shareholders is scheduled for October 25, 2024.

Has Origen Resources (CSE: ORGN) signed the subscription agreement with the strategic investor?

No, as of October 7, 2024, the subscription agreement has not been signed due to delays on the part of the strategic investor.

When did Origen Resources (CSE: ORGN) complete mailing its shareholder meeting materials?

Origen Resources completed mailing its shareholder meeting materials on Friday, October 4, 2024.