TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, March 11,
2024 /CNW/ - O3 Mining Inc. (TSXV:
OIII) (OTCQX: OIIIF) ("O3 Mining" or the
"Corporation") is pleased to announce that it has completed
the sale of its Louvem Property to Eldorado Gold (Québec) Inc.
("Eldorado Québec"). O3 Mining has agreed to sell to
Eldorado Québec a 100% interest in its Louvem Property located in
Val-d'Or, Québec, Canada, in exchange for cash consideration of
C$80,000 and the retention by O3
Mining of a 0.5% Net Smelter Return ("NSR") royalty payable
to the Corporation on all metal production from the claims
constituting the Louvem Property ("Louvem NSR").
In connection with the Agreement, O3 Mining granted to Eldorado
Québec the right to repurchase 50% of the Louvem NSR (equal to a
0.25% NSR interest) from O3 Mining at any time following the
closing of the Agreement for an immediate payment of C$250,000, to be paid in a lump sum.
The Corporation originally acquired the Louvem Property from
Monarch Gold Corporation ("Monarch") pursuant to an asset
purchase agreement dated March 16,
2020. The Corporation acquired a 50% interest in the Louvem
Property in exchange for the issuance of 4,546 common shares of the
Corporation, subject to a 1% NSR royalty granted to Monarch with a
0.5% NSR royalty buy-back for C$300,000. Eldorado Québec is assuming the
obligation of such royalty in favour of Monarch. The Corporation
acquired the remaining 50% interest for cash consideration of
C$10,000. For additional information
regarding the acquisition of the Louvem Property by the
Corporation, see the press release "O3 Mining Acquires Interests in
the Regcourt and Louvem Properties from Monarch Gold", dated
March 17, 2020.
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 becoming 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 (75,000 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.
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.