Posted: October 1, 2021 at 5:04 p.m. EDT|Update: 7 hours ago
TSXV: OIII | OTCQX: OIIIF – O3 extraction
TORONTO, October 1, 2021 / PRNewswire / – Mines O3 inc. (TSXV: OIII) (OTCQX: OIIIF) (“O3 mining“or the”company“) is pleased to announce that its wholly owned subsidiary, Alexandria Minerals Corporation (“Alexandria“), has acquired an 80% undivided interest (the”Interest earned“) on the Centremaque property, located on the Alpha property of O3 Mining at Val-d’Or, Quebec, Canada (the “Goods“), from Gold Valley Mines and Royalties Ltd. (“Golden valley“).
The acquisition was made pursuant to an option agreement dated April 20, 2017 Between Golden valley and Alexandria (as amended, the “Option agreement“), under which Golden valley allowed Alexandria an option to acquire the Acquired Interest by committing, among other things, 4 million Canadian dollars in eligible expenditure (the “Expenses required“) over a period of four years following the date of the option agreement.
At September 9, 2021, Golden valley and Alexandria amended the terms of the option agreement to allow Alexandria to fill a deficit of CA $ 209,460 in the expenses required by delivering to Golden valley ordinary shares in the capital of the Company (the “Ordinary actions“) in place this one. In accordance with the terms of the amended option agreement, the Company issued Golden valley a total of 98,570 ordinary shares in full satisfaction of that of Alexandria obligations to incur expenses required under the option agreement. The ordinary shares issued in connection with the transaction are subject to a holding period expiring four months and one day after the date of issue.
In accordance with the terms of the option agreement, when the acquired interest is acquired, 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 part of it). Golden valley will retain a free deferred interest of 20% and an NSR royalty of 1.5%, of which 0.5% may be purchased by the Company for 1 million Canadian dollars.
About Mines O3 inc.
O3 Mining Inc., a company of the Osisko Group, is a gold explorer and a mining developer in the process of producing from its high potential gold camps in Quebec, Canada. O3 Mining benefits from the support, previous mine construction successes and expertise of the Osisko team as it grows to become a gold producer with several multi-million ounce deposits in Quebec.
O3 Mining is well capitalized and holds a 100% interest in all of its properties (137,000 hectares) in Quebec. O3 Mining trades on the TSX Venture Exchange (TSX.V: OIII) and on the OTC markets (OTCQX: OIIIF). The Company strives to deliver superior returns to its shareholders and long-term benefits to its stakeholders. Further information is available on our website at https://o3mining.com.
Caution regarding forward-looking information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws which are based on expectations, estimates and projections as of the date of this press release. The information in this press release about the NCIB; the Company’s intentions to purchase Shares under the public tender offer; management’s beliefs regarding the trading and value of the Shares; and any other information contained in this document that is not historical fact may be “forward-looking information”. Any statement that involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often but not always using expressions such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “plans”, “estimates”, “believes” or ” intends “or variations of these words and expressions or stating that certain actions, events or results” may “or” could “,” would be “,” could “or” would “shall be deemed to have taken place or be reached) are not statements of historical fact and may be forward-looking information and are intended to identify-seeking information. This forward-looking information is based on reasonable assumptions, including the assumptions listed below, and the Company’s management’s estimates, at the time they were made, involve known and unknown risks, uncertainties and others. factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performances or achievements expressed or implied by such forward-looking information. These factors include, among others, the risks associated with the volatility of the trading price of the Company’s Shares; the Company’s ability to implement the public buyback offer; the Company’s ability to carry out other exploration activities, including drilling; property interests; the results of exploration activities; risks associated with 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 are as follows: the price of the shares does not adequately reflect the value of the company; the number of Shares to be repurchased for cancellation within the framework of the public tender offer; and generate value for the shareholders of the Company. Although the forward-looking information contained in this press release is based on what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and potential buyers that actual results will be consistent with this forward-looking information, as there may be other factors that cause the results to not be as anticipated, estimated or expected, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of this forward-looking information. The Company does not undertake and assumes no obligation to update or revise any forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as 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 release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this document.
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SOURCE Mines O3 inc.
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