TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, Oct. 1, 2021 /CNW/ - O3 Mining Inc. (TSXV:
OIII) (OTCQX: OIIIF) ("O3 Mining" or the
"Corporation") is pleased to announce that its wholly-owned
subsidiary, Alexandria Minerals Corporation ("Alexandria"), has acquired an 80%
undivided interest (the "Acquired Interest") in the
Centremaque Property, located on O3 Mining's Alpha Property in
Val-d'Or, Québec, Canada (the "Property"), from
Golden Valley Mines and Royalties
Ltd. ("Golden Valley").
The acquisition was completed pursuant to the terms of an option
agreement dated April 20, 2017
between Golden Valley and
Alexandria (as amended, the
"Option Agreement"), pursuant to which Golden Valley granted Alexandria an option to acquire the Acquired
Interest by, among other things, incurring C$4 million in eligible expenditures (the
"Required Expenditures") over a four-year period following
the date of the Option Agreement.
On September 9, 2021, Golden Valley and Alexandria amended the terms of the Option
Agreement to allow Alexandria to
satisfy a shortfall of C$209,460 in
Required Expenditures by delivering to Golden Valley common shares in the capital of
the Corporation (the "Common Shares") in lieu
thereof. In accordance with the terms of the amended Option
Agreement, the Corporation has issued to Golden Valley an aggregate of 98,570 Common
Shares in full satisfaction of Alexandria's obligations to incur the Required
Expenditures under the Option Agreement. The Common Shares issued
in connection with the transaction are subject to a hold period
expiring four months and one day after date of issuance.
In accordance with the terms of the Option Agreement, upon
acquiring the Acquired Interest, Golden
Valley and Alexandria are
deemed to have formed a joint venture for the purposes of, among
other things, further exploring the Property and, if deemed
warranted, developing, constructing and operating a mine on the
Property (or a part of thereof). Golden
Valley will retain a 20% free carried interest, and retain a
1.5% NSR royalty, of which 0.5% may be purchased by the Corporation
for C$1 million.
About O3 Mining Inc.
O3 Mining Inc., an Osisko Group company, is a gold explorer and
mine developer on the road to produce from its highly prospective
gold camps in Québec, Canada. O3
Mining benefits from the support, previous mine-building success,
and expertise of the Osisko team as it grows towards being a gold
producer with several multi-million ounce deposits in Québec.
O3 Mining is well-capitalized and owns a 100% interest in all
its properties (137,000 hectares) in Québec. O3 Mining trades on
the TSX Venture Exchange (TSX.V: OIII) and OTC Markets (OTCQX:
OIIIF). The Corporation is focused on delivering superior returns
to its shareholders and long-term benefits to its stakeholders.
Further information can be found on our website at
https://o3mining.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information"
within the meaning of the applicable Canadian securities
legislation that is based on expectations, estimates and
projections as at the date of this news release. The information in
this news release about the NCIB; the intentions of the Company to
purchase Shares under the NCIB; the beliefs of management regarding
the trading and value of the Shares; and any other information
herein that is not a historical fact may be "forward-looking
information". Any statement that involves discussions with respect
to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as "expects", or "does not expect",
"is expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information. This forward-looking information is based on
reasonable assumptions, including the assumptions listed below, and
estimates of management of the Company, at the time it was made,
involves known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others,
risks relating to the volatility in the trading price of the Shares
of the Company; the ability of the Company to implement the NCIB;
the ability of the Company to complete further exploration
activities, including drilling; property interests; the results of
exploration activities; risks relating to mining activities; the
global economic climate; metal prices; dilution; environmental
risks; and community and non-governmental actions. The key
assumptions that have been made in connection with the
forward-looking statements include the following: the price of the
Shares not adequately reflecting the value of the Company; the
number of Shares to be repurchased for cancellation under the NCIB;
and generating value for the shareholders of the Company. Although
the forward-looking information contained in this news release is
based upon what management believes, or believed at the time, to be
reasonable assumptions, the Company cannot assure shareholders and
prospective purchasers that actual results will be consistent with
such forward-looking information, as there may be other factors
that cause results not to be as anticipated, estimated or intended,
and neither the Company nor any other person assumes responsibility
for the accuracy and completeness of any such forward-looking
information. The Company does not undertake, and assumes no
obligation, to update or revise any such forward-looking statements
or forward-looking information contained herein to reflect new
events or circumstances, except as may be required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
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SOURCE O3 Mining Inc.