Business
Origen Resources Appoints Natasha Tsai as CFO and Enters into Short-Term Loan Agreement
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2021) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to annou
About this update from Origen Resources Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 18, 2021) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the \"Company\" or \"Origen\") is pleased to announce that it has appointed Natasha Tsai as Chief Financial Officer and accepts the resignation of Elizabeth Richards. Ms. Tsai, CPA, CA, is Managing Director at Malaspina Consultants Inc. and has served as a senior advisor and CFO with companies in a broad range of industries. Natasha specializes in the areas of financial operations and business performance. Prior to 2012, Natasha was the CFO of a junior mining company and the corporate controller of an early stage company in the energy sector. Natasha is a graduate of Sauder School of Business at UBC and received her Chartered Accountant designation in 2007. She is also a former co-chair of the Young CA Forum at the Institute of Chartered Accountants of BC. The Company would like to thank Ms. Richards for her dedication and expertise provided that helped navigate the Company since incorporation and wish her all the best with her future endeavours. Short-term Loan Agreement Origen has arranged a short-term loan facility with Crest Resources Inc. (\"Crest\"), a company which currently owns 6,000,000 shares of Origen. Pursuant to the terms of the agreement, Crest will advance the Company one million dollars ($1,000,000.00) for a thirty day term, at an interest rate of 0% per annum and the Company will issue Crest a one-time bonus of one hundred and sixty thousand (160,000) common shares of Origen, which will bear a restrictive legend of 4 months and one day from the date of issuance. The loan is deemed to be a non-arm's-length transaction, as Crest, owns more than 10% of the Company. Additionally one of the Company's director's, Garry Stock is also a director of Crest, which makes the transaction a related party transaction and subject to MI 61-101. Because the Company's shares trade only on the Canadian Securities Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(1)(b) of MI 61-101 and exempt from the minority shareholder approval requirements under Subsection 5.7(1)(a) of MI 61-101 as the value of the loan transaction is under 25% of Origen's market capitalization. The loan facility and bonus shares are subject to...