O3 Mining closes C$18.7 million private placement

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THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

TORONTO, Aug. 24, 2022 (GLOBE NEWSWIRE) — O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) (“O3 Mining” or the “Company”) is pleased to announce the successful completion of its previously announced “best efforts” brokered or non-brokered private placements (together, the “Offering”), which closed this morning. Pursuant to the negotiated portion of the Offering, an aggregate of (i) 3,686,430 charitable flow-through shares of the Company (“Charitable Flow-Through Shares”) were issued at an issue price of C$2.91 per Charitable Flow-Through Share for total gross proceeds of approximately C$10.7 million, including the partial exercise of the Agents’ Option, and (ii) 1,300,000 traditional flow-through shares of the Company (“Traditional Flow-Through Shares”) were issued to an issue price of C$2.31 per traditional flow-through share. Through Share for aggregate gross proceeds of approximately C$3.0 million.

The traded portion of the placement was led by Corp. Canaccord Genuity, on its own behalf and on behalf of a syndicate of agents including 3L Capital Inc., Sprott Capital Partners LP, CIBC World Markets Inc., Cormark Securities Inc., Eight Capital, National Bank Financial Inc. and Velocity Trade Capital Ltd.

The non-brokered portion of the offering consisted of 2,164,500 traditional flow-through shares with strategic investors at an issue price of C$2.31 per traditional flow-through share for aggregate gross proceeds of C$4,999,995.

Charitable Flow-Through Shares and Traditional Flow-Through Shares will qualify as “Flow-Through Shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Income Tax Act). taxes (Quebec). The gross proceeds from the sale of the Charitable Flow-Through Shares and Traditional Flow-Through Shares will be used by the Company to incur qualifying “Canadian Exploration Expenditures” which qualify as “Flow-Through Mining Expenditures” as both terms are defined. in the income tax law (Canada) (the “Eligible Expenditures”) related to the Corporation’s projects in Quebec. Eligible Expenditures will be waived in favor of subscribers under the Offering with an effective date no later than December 31, 2022 and for an aggregate amount not less than the aggregate amount of gross proceeds raised under the Offering.

All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. The securities have not been and will not be registered in the name United States Securities Act of 1933as amended (the “US Securities Act”), or any state securities law and may not be offered or sold in the United States or to or for the account or benefit of a US person (as as defined in Regulation S under the U.S. Securities Act) unless registered under U.S. securities law and applicable state securities laws or an exemption from registration is available .

About O3 Mining Inc.

O3 Mining Inc., an Osisko Group company, is a gold explorer and mining developer on the way to producing from its high potential gold camps in Quebec, Canada. O3 Mining benefits from the support, previous successes in mine construction 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 (66,000 hectares) in Quebec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC markets (OTCQX: OIIIF). The Company is committed to delivering 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 that is based on expectations, estimates and projections as of the date of this press release. The information contained in this press release regarding the Offer; the use of the proceeds of the Offer; the timing and ability of the Company to obtain all necessary approvals of the offer; the tax treatment of securities issued pursuant to the Offering under the Income Tax Act (Canada) and the Taxation Act (Quebec); when to waive all Eligible Expenditures in favor of subscribers, if any; and any other information included herein that is not historical fact may be “forward-looking information”. Any statement involving discussion of predictions, expectations, beliefs, plans, projections, goals, 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”, “budgets”, “expects”, “expects”, “estimates”, “believes ” or “intends” or variations of these words and expressions or indicating that certain actions, events or results “might” or “might”, “would”, “might” or “would” be expected to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify -research information. This forward-looking information is based on reasonable assumptions and estimates made by the Company’s management, at the time it was made, involves known and unknown risks, uncertainties and other factors that could cause results, actual performance or achievements of the Company are materially different from any future results, performance or achievements expressed or implied by such forward-looking information. These factors include, among others, the risks relating to the Offer; the volatility of the market price of the Company’s common shares; risks relating to the Company’s ability to obtain the required approvals, complete the definitive documentation and complete the placement; the Company’s ability to carry out other exploration activities, including drilling; property interests; results of exploration activities; risks related to mining activities; the global economic climate; metal prices; dilution; environmental risks; changes in the tax and regulatory regime; and community and non-governmental actions. 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 purchasers that actual results will be consistent with 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 such forward-looking information. The Company does not undertake and undertakes no obligation to update or revise any forward-looking statements or 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 press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

For more information on O3 Mining, please contact:
Jose Vizquerra Benavides
President, CEO and Director
Toll Free: +1 (833) 979-3516
Phone: +1 (873) 381-2014

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