TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, June 13,
2023 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the
"Corporation") is pleased to announce that, further to its
news release dated May 17, 2023, it
has closed the first part of the previously-announced transaction
with NewOrigin Gold Corp. ("NewOrigin"), in which NewOrigin
will transfer all of its rights, titles and interest in and to the
Kinebik property, located along the Casa Berardi Trend in Québec
(the "Property") to O3 Mining, pursuant to an amended and
restated property sale agreement (the "Agreement") dated
June 13, 2023 (the
"Transaction"). NewOrigin held a 100% interest in the
Property prior to the closing of the Transaction. NewOrigin is
a "Non-Arm's Length Party" of the Corporation for purposes of the
policies of the TSX Venture Exchange.
Under the terms of the Agreement, the Transaction proceeded by
way of two separate closings. Under the first closing (the
"First Closing"), NewOrigin sold a portion of its rights,
titles and interest in the Property for a cash consideration of
$50,000 and 29,467 common shares of
the Corporation (the "First Closing Share Consideration").
Under the second closing (the "Second Closing"), NewOrigin
has agreed to sell its remaining rights, titles and interest in the
Property not sold under the First Closing for 58,935 common shares
of the Corporation (the "Second Closing Share
Consideration"). The Second Closing will be completed as soon
as reasonably practicable following NewOrigin obtaining
disinterested shareholder approval of the Transaction, but in any
event no later than December 31,
2023.
The First Closing Share Consideration and the Second Closing
Share Consideration are subject to a hold period of four months and
one day from the date of issuance, in accordance with applicable
Canadian securities laws.
About O3 Mining Inc.
O3 Mining Inc. 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 and expertise of a team of industry leaders 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 (62,000 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 regarding the Transaction; the
Share Consideration hold periods and further lock-up period; 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 the
Corporation nor any other person assumes responsibility for the
accuracy and completeness of any such forward-looking information.
The Corporation 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 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.
SOURCE O3 Mining Inc.