Tri Origin explores Kazan

Junior Tri Origin (TOE-V) has completed a private placement with Britain’s Billiton.

The major bought 800,000 units at 25 apiece and exercised 274,511 Series G warrants it acquired through its takeover of Rio Algom. A unit consists of a share and a warrant that can be exercised for another share at 30 by year-end.

Proceeds are earmarked for the Kazan copper-gold project in Nunavut, in which Billiton can earn a half-interest by spending $1.6 million over four years. Another 20% can be acquired in return for providing development financing.