O3 Mining Acquires a 100% Interest In The Denain-Pershing Property At East Cadillac

Rhea-AI Summary

O3 Mining Inc. (TSXV: OIII, OTCQX: OIIIF) has successfully acquired a 100% ownership interest in the Denain-Pershing property by completing the conditions of its option agreement with Renforth Resources Inc. The transaction, valued at CDN $125,000 plus 21,603 shares, enables O3 Mining to strengthen its position in the Quebec gold exploration sector. The acquisition is still pending final approval from the TSX Venture Exchange.

Positive

• Acquired 100% interest in Denain-Pershing property, enhancing asset portfolio.
• Transaction value of CDN $125,000 and issuance of common shares could indicate confidence in property potential.

Negative

• None.

TSXV:OIII | OTCQX:OIIIF - O3 Mining

TORONTO, July 28, 2021 /PRNewswire/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is pleased to announce that it has fulfilled the conditions of the option agreement with Renforth Resources Inc. ("Renforth") on the Denain-Pershing property ("Property") to earn-in an 80% ownership interest in the Property, and has purchased the remaining 20% interest in the Property, and now holds a 100% interest in the Property.

O3 Mining satisfied the remaining earn-in conditions and acquired the remaining 20% interest in the Property in exchange for aggregate consideration of CDN $125,000 and 21,603 common shares of the Corporation. All common shares issued to Renforth are subject to a four month and one day holding period.

The transaction remains subject to the final approval of the TSX Venture Exchange.

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 (TSX.V: OIII) and OTC Markets (OTCQX: OIIIF). The company 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 the transaction; 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. Such factors include, among others, risks relating to the restart of operations; further steps that might be taken to mitigate the spread of COVID-19; the impact of COVID-19 related disruptions in relation to the Corporation's business operations including upon its employees, suppliers, facilities and other stakeholders; uncertainties and risk that have arisen and may arise in relation to travel, and other financial market and social impacts from COVID-19 and responses to COVID 19. 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.

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SOURCE O3 Mining Inc.

FAQ

What is the significance of O3 Mining acquiring a 100% interest in the Denain-Pershing property?

The acquisition solidifies O3 Mining's asset base in the Quebec region, potentially increasing its gold exploration capabilities.

What were the terms of the acquisition deal for the Denain-Pershing property?

O3 Mining paid CDN $125,000 and issued 21,603 common shares to acquire the remaining interest in the property.

When will O3 Mining's acquisition of the Denain-Pershing property be finalized?

The transaction is subject to final approval from the TSX Venture Exchange.

How does the acquisition impact O3 Mining's position in the gold market?

The acquisition strengthens O3 Mining's portfolio, positioning it better for exploration and potential gold production.