TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, Feb. 22, 2022 /CNW/ - O3 Mining Inc.
(TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining" or the
"Corporation") is pleased to announce that it has entered into an
asset purchase and sale agreement with Patriot Battery Metals Inc.
("Patriot") to sell its remaining 50% interest in certain mining
claims comprising the FCI Property located in James Bay Region of
Québec (the "FCI Claims") to Patriot in exchange for (i) 1,800,000
common shares of Patriot, and (ii) a one-time cash payment of
C$3 million from Patriot. Patriot had
previously earned a 50% interest in the FCI Claims pursuant to an
Earn-in and Joint Venture Agreement, as amended, between O3 Mining
and Patriot.
The transaction remains subject to the satisfaction or waiver of
customary closing conditions, including the approval of the
Canadian Securities Exchange to permit Patriot to issue its common
shares to O3 Mining.
Mr. Jose Vizquerra, O3 Mining's
President, Director and Chief Executive Officer commented: "We
are pleased to continue to increase value for our shareholders,
with no dilution, through divestment of a non core asset as a part
of our ongoing strategy. This transaction will improve our cash
position as well as support our 2022 drilling program ".
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 (TSXV: 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, projections
and interpretations as at the date of this news release. The
information in this news release about closing the transaction; the
timing and ability (if at all) of O3 Mining and Patriot to close
the transaction; the go-forward strategy of O3 Mining; the focus
of O3 Mining on its core projects in Val-d'Or, Québec; 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, interpretations, beliefs, plans,
projections, objectives, assumptions, future events or performance
(often but not always using phrases such as "expects", or "does not
expect", "is expected", "interpreted", "management's view",
"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 and
estimates of management of the Corporation, 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 companies to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. 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 parties cannot assure shareholders and prospective
purchasers of securities 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 party nor any other person assumes
responsibility for the accuracy and completeness of any such
forward-looking information. Neither party undertakes, 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 the 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.