Positive Return from Sale of Tri Origin Exploration's Investment in MAV II Notes
24.04.2013 | FSCwire
Aurora, April 24, 2013 - Tri Origin Exploration Ltd. (TOE - TSX Venture), ("Tri Origin" or the "Company") announces that it has sold its investment holdings in MAV II notes and has deposited a cash balance of $219,700 to its account after using the proceeds of the sale to pay off a credit facility secured in part by the notes.The Company's investment in the notes has been held for some time and is fully explained in the Company's annual report for the year ended June 30, 2012. The value of the notes has increased significantly over the past 9 months since June 30, 2012 and the Company's board of directors thought it prudent to sell the notes at this time. During much of the time that the Company held the notes they had little liquidity and a credit facility pledged against the notes had been set up with the Company's bank to assist with the Company's financial needs. The credit facility is more fully described in the Company's annual report for the period ended June 30, 2012. At the time of the sale of the notes, the credit facility had a balance of $1,716,295 which was fully paid off with the proceeds of the sale.
The residual balance from the sale plus accrued interest paid by the notes totalled $219,700 which has been fully credited to the Company's account. These funds will be used for general corporate purposes.
In addition, the Company currently holds an equity investment in affiliate company TriAusMin Limited (TOR:TSX) which has a market value of $1,500,000 as at April 23, 2013.
Tri Origin is actively exploring for gold in the Canadian Shield. It's key projects are; Red Lake Extension ("RLX") at Red Lake, Ontario which is being fully-funded through an option agreement with Osisko Mining Corporation and Sky Lake and North Abitibi Gold Projects nearby the Pickle Lake and Timmins/Kirkland Lake Gold Districts, respectively.
For further information, please refer to the Company's website www.triorigin.com or SEDAR www.sedar.com or contact:
Dr Robert Valliant, President
Tri Origin Exploration Ltd.
Tel: (905) 727-1779
E-mail: explore@triorigin.com
Tri Origin Exploration Ltd. is a leading Canadian gold and base metal exploration company trading on the TSX Venture exchange under the symbol TOE. Tri Origin has leveraged exposure to mineral discoveries in Australia through its equity interest in TriAusMin Limited which holds gold and base metal resource-based assets in New South Wales.