Origen Resources Provides Correction To AGSM Update

Rhea-AI Summary

Origen Resources (CSE: ORGN) provides a correction regarding the control person vote at today's Annual General and Special Meeting. The company hasn't received a signed subscription agreement from Integra Capital Business, pending additional requests related to the Los Sapitos Lithium Project in Argentina. The control person vote will be submitted as an advisory vote. Current proxy votes show 100% approval for all resolutions. Additionally, Lawrence Cheung will replace Natasha Tsai as CFO effective October 25, 2024. Cheung, a Controller at Malaspina Consultants, brings experience from PwC and holds CPA designation.

Positive

• 100% of received proxy votes in favor of all resolutions
• Appointment of new CFO with strong financial background and CPA designation

Negative

• Delay in receiving signed subscription agreement from Integra Capital
• Additional requests from Integra regarding Los Sapitos Lithium Project causing delays
• Potential requirement for additional shareholder approval process

Vancouver, British Columbia--(Newsfile Corp. - October 25, 2024) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") wishes to provide an update on the October 7, 2024 news release regarding the status of the upcoming vote to approve a change of control at the Company's upcoming Annual General and Special Meeting (the "Meeting") scheduled for today, October 25, 2024, at 11 am.

Currently the Company is not yet in receipt of a signed subscription agreement and is diligently working with the subscriber, Integra Capital Business S.A. ("Integra"), to satisfy their additional requests, which do not relate to the terms of the subscription agreement or investment, but which relate to matters involving the Company's Los Sapitos Lithium Project in Argentina. We reasonably expect the subscription agreement to be signed in the near term. Since there is not yet a signed subscription agreement to enable shareholders to vote on the resolution, the Company will be submitting the control person vote to the Meeting as an advisory vote reflecting the advice of the shareholders to proceed with the proposed investment by Integra. The Company, in accordance with the policies of the CSE, may have to proceed with a shareholder approval in writing for the proposed Integra control position (as described in the information circular for the Meeting); however, the Company does not anticipate needing further shareholder approval obtained at a shareholder meeting if the shareholders are in favour of the change of control by way of the advisory vote at this Meeting and subsequently by a written consent resolution of sufficient shareholders, if required by the CSE. The proxies received so far reflect 100% of the shares voted in favour of all resolutions, including the control person vote, and the Company does not expect significant in-person vote at the Meeting.

Further announcements will be made following the Meeting and anticipated receipt of the signed subscription agreement from Integra.

Additionally, effective October 25, 2024, the Company's CFO Natasha Tsai will be stepping down and Lawrence Cheung will be appointed the Company's new CFO.

Lawrence Cheung is a Controller at Malaspina Consultants Inc. He provides CFO and controllership services to assist clients in meeting their financial reporting and regulatory requirements. Prior to joining Malaspina in 2021, Lawrence was a Senior Associate at PwC where he provided assurance services to both private and publicly traded clients in the US and Canada reporting under IFRS, ASPE and US GAAP. Lawrence holds a Bachelor of Commerce (Accounting) from the Sauder School of Business at UBC and received his CPA designation from the Chartered Professional Accountants, British Columbia. The Company wishes to thank Natasha for her excellent service as CFO and wish her all the best in her future endeavours.

On behalf of Origen,

Gary Schellenberg
Chief Executive Officer

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 and receipt of the signed subscription agreement 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/227807

FAQ

What is the status of Origen Resources' (ORGN) control person vote at the 2024 AGSM?

The control person vote will be submitted as an advisory vote due to pending subscription agreement from Integra Capital. Current proxy votes show 100% approval for all resolutions.

Who is the new CFO of Origen Resources (ORGN) as of October 25, 2024?

Lawrence Cheung, a Controller at Malaspina Consultants Inc., will replace Natasha Tsai as CFO of Origen Resources.

What is causing the delay in Origen Resources' (ORGN) subscription agreement with Integra Capital?

The delay is due to additional requests from Integra Capital related to the Los Sapitos Lithium Project in Argentina, not the terms of the subscription agreement itself.