Financing of the development of the Lewis Ponds deposit will be raised in Australia by way of a $16.4 million (Canadian) public offering of Tri Origin Australia, a wholly owned unit of Tri Origin Exploration (TOE-T).
In taking the subsidiary public, the offering will represent 38-40% of the company, with the balance retained by the parent. Assuming the offering is successful, the initial market capitalization of Tri Origin Australia will be $41.4-46.8 million, or about three times the size of the roughly $13 million of the Canadian parent. Tri Origin believes this will allow the market to evaluate its international assets accurately.
Proceeds of the funding will be used to advance the Lewis Ponds project towards the feasibility stage, as well as finance other Australian projects.
Lewis Ponds, a polymetallic deposit in New South Wales, is contained in two separate zones.
Meanwhile, the parent company is conducting surface exploration and drilling at its Sioux Lookout and Straw Lake gold projects in Ontario, as well as in Nevada.
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