Trigon Announces Consolidation and Engagement of ICP Securities Inc. for Automated Market-Making Services
29 Mai 2024 - 1:32PM
Business Wire
Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”)
announces that it will consolidate its common shares (the “Common
Shares”) on the basis of one new Common Share for every existing
five Common Shares outstanding effective on or about June 4, 2024
(the “Consolidation”). The Company also has engaged ICP Securities
Inc. ("ICP") to provide automated market-making services as of May
27, 2024.
Trigon currently has 217,873,600 Common Shares issued and
outstanding and, following the Consolidation, will have
approximately 43,574,720 Common Shares outstanding. The change in
the number of issued and outstanding Common Shares that will result
from the Consolidation will not materially affect any shareholder’s
percentage ownership in Trigon, although such ownership would be
represented by a smaller number of Common Shares. A letter of
transmittal will be sent by mail to shareholders advising that the
Consolidation has taken effect and instructing shareholders to
surrender the certificates evidencing their Common Shares for
replacement certificates representing the number of Common Shares
to which they are entitled as a result of the Consolidation. Until
surrendered, each certificate will be deemed for all purposes to
represent the number of Common Shares to which the holder thereof
is entitled as a result of the Consolidation.
The Consolidation was approved by the shareholders of Trigon at
the annual and special meeting held on April 9, 2024. Further
details regarding the Consolidation are contained in the Company’s
information circular dated March 11, 2024, which has been filed
under the Company’s profile on SEDAR+ at www.sedarplus.ca.
The Consolidation remains subject to the final approval of the
TSX Venture Exchange.
Engagement of ICP Securities Inc.
The Company has engaged the services of ICP Securities Inc.
("ICP") to provide automated market-making services, including use
of its proprietary algorithm, ICP Premium™, in compliance with the
policies and guidelines of the TSX Venture Exchange and other
applicable legislation. ICP will receive a fee of C$7,500 plus
applicable taxes per month, payable monthly in advance. The
agreement between the Company and ICP is for an Initial Term of
four (4) months and shall be automatically renewed for subsequent
one (1) month terms (each month called an "Additional Term") unless
either party provides at least thirty (30) days written notice
prior to the end of the Initial Term or an Additional Term, as
applicable. There are no performance factors contained in the
agreement and no stock options or other compensation are being
granted in connection with the engagement. ICP and its clients may
acquire an interest in the securities of the Company in the
future.
ICP is an arm's length party to the Company. ICP's market-making
activity will be primarily to correct temporary imbalances in the
supply and demand of the Company's shares. ICP will be responsible
for the costs it incurs in buying and selling the Company's shares,
and no third party will be providing funds or securities for the
market-making activities.
ICP Securities Inc.
ICP Securities Inc. (ICP) is a Toronto-based CIRO dealer-member
that specializes in automated market-making and liquidity
provision, as well as having a proprietary market-making algorithm,
ICP Premium™, that enhances liquidity and quote health. Established
in 2023, with a focus on market structure, execution, and trading,
ICP has leveraged its own proprietary technology to deliver
high-quality liquidity provision and execution services to a broad
array of public issuers and institutional investors.
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 and
Addana projects, highly prospective copper and silver exploration
projects.
Cautionary Notes
This news release includes certain information that may
constitute “forward-looking information” under applicable Canadian
securities laws. Forward-looking information is often identified by
terms such as “will”, “may”, “should”, “anticipates”, “expects” and
similar expressions. All statements other than statements of
historical fact, included in this news release are forward-looking
statements that involve risks and uncertainties, including
statements with respect to the Consolidation, the Engagement of ICP
Securities Inc. and the Company’s future plans. Such
forward-looking statements reflect management’s current beliefs and
are based on assumptions made by and information currently
available to the Company and, as such, there can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company’s expectations include the
availability and continuity of financing, potential delays in
obtaining all requisite approvals and other risks detailed from
time to time in the filings made by the Company with securities
regulators. The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company does not assume
any obligation to update or revise them to reflect new events or
circumstances except as required under applicable securities
legislation. This news release does not constitute an offer to sell
securities and the Company is not soliciting an offer to buy
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such jurisdiction.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529782251/en/
For further information: Aidan Sullivan +1 647 276
6002 x 1123 IR@trigonmetals.com Website: www.trigonmetals.com
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