O3 Mining Files Early Warning Report in Respect of NewOrigin Gold Corp.

Rhea-AI Summary

O3 Mining (TSXV: OIII, OTCQX: OIIIF) announced an early warning report regarding its holdings in NewOrigin Gold Corp. as of December 21, 2022. Following its acquisitions, O3 Mining now owns 6,600,000 NewOrigin Shares and 3,900,000 Warrants, equating to approximately 11.6% of NewOrigin on a non-diluted basis and 17.3% on a partially diluted basis. The latest acquisition included 1,500,000 units for $75,000, with Warrants priced at $0.10. O3 Mining intends to review its investment continuously and may acquire or dispose of additional NewOrigin securities.

Positive

• Increased ownership in NewOrigin Gold Corp to 11.6% (non-diluted) and 17.3% (partially diluted).
• Recent investment of $75,000 for 1,500,000 NewOrigin units indicates ongoing commitment to growth.

Negative

• None.

TSXV:OIII | OTCQX:OIIIF - O3 Mining

TORONTO, Dec. 21, 2022 /PRNewswire/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining" or the "Corporation") announces that it has filed an early warning report in respect of its holdings NewOrigin Gold Corp. ("NewOrigin"). After giving effect to its acquisition of common shares of NewOrigin (the "NewOrigin Shares") in 2021 and participation in the offering of units by NewOrigin which closed on December 20, 2022, the Corporation, through its wholly-owned subsidiary O3 Markets Inc., acquired an aggregate of 6,600,000 NewOrigin Shares and 3,900,000 common share purchase warrants (the "Warrants"), representing approximately 11.6% of the issued and outstanding NewOrigin Shares on a basic basis (approximately 17.3% of the issued and outstanding NewOrigin Shares on a partially diluted basis).

On January 8, 2021, the Corporation, through its wholly-owned subsidiary O3 Markets Inc., subscribed for 2,400,000 units of NewOrigin for an aggregate subscription price of $300,000, with each unit comprising one NewOrigin Share and one Warrant, exercisable at a price of $0.18 per NewOrigin Share for a period of 24 months from the date of issuance (the "Initial Acquisition"). After giving effect to the Initial Acquisition, the Corporation, through its wholly-owned subsidiary O3 Markets Inc., held approximately 4.9% of the then issued and outstanding NewOrigin Shares on a non-diluted basis (approximately 9.3% of the then issued and outstanding NewOrigin Shares on a partially diluted basis).

Subsequently, on May 31, 2021, in connection with the sale of 100% of the Kinebik Gold Project (the "Kinebik Project") by the Corporation to NewOrigin, the Corporation, through its wholly-owned subsidiary O3 Markets Inc., was issued 2,700,000 NewOrigin Shares as consideration for the Kinebik Project for an aggregate deemed value of $446,000 (the "Second Acquisition"). After giving effect to the Initial Acquisition and Second Acquisition, the Corporation, through its wholly-owned subsidiary O3 Markets Inc., held approximately 9.9% of the issued and outstanding NewOrigin Shares on a non-diluted basis (approximately 13.9% of the issued and outstanding NewOrigin Shares on a partially diluted basis).

Most recently, on December 20, 2022, the Corporation, through its wholly-owned subsidiary O3 Markets Inc., subscribed for 1,500,000 units of NewOrigin for an aggregate subscription price of $75,000, with each unit comprising one NewOrigin Share and one Warrant exercisable at a price of $0.10 per NewOrigin Share for a period of 24 months from the date of issuance (the "Third Acquisition", together with the Initial Acquisition and Second Acquisition, the "Acquisitions").

Immediately after giving effect to the Acquisitions, the Corporation, through its wholly-owned subsidiary O3 Markets Inc., had beneficial ownership of, or control and direction over, 6,600,000 NewOrigin Shares and 3,900,000 Warrants, representing approximately 11.6% of the issued and outstanding NewOrigin Shares on a non-diluted basis (approximately 17.3% of the issued and outstanding NewOrigin Shares on a partially diluted basis).

The Corporation, through its wholly-owned subsidiary O3 Markets Inc., acquired the NewOrigin securities for investment purposes. The Corporation intends to review, on a continuous basis, various factors related to its investment in NewOrigin, and may decide to acquire or dispose of additional securities of NewOrigin as future circumstances may dictate.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated December 21, 2022. The early warning report respecting the Acquisitions has been filed on SEDAR (www.sedar.com) under NewOrigin's issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact José Vizquerra Benavides at 1 (833) 979-3516 (Toll Free) or refer to SEDAR (www.sedar.com) under NewOrigin's issuer profile.

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 (66,000 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.

FAQ

What is the significance of O3 Mining's early warning report filed on December 21, 2022?

The early warning report indicates O3 Mining's increased stake in NewOrigin Gold Corp, now holding 11.6% of NewOrigin's shares, highlighting its strategic investment approach.

How many shares of NewOrigin Gold Corp does O3 Mining own?

O3 Mining owns 6,600,000 shares of NewOrigin Gold Corp, representing approximately 11.6% of the company's shares on a non-diluted basis.

What was the latest investment made by O3 Mining in NewOrigin Gold Corp?

O3 Mining's latest investment was for 1,500,000 units at a total cost of $75,000, with Warrants exercisable at $0.10 per share.

Does O3 Mining plan to continue investing in NewOrigin Gold Corp?

Yes, O3 Mining intends to continuously review its investment in NewOrigin and may acquire or dispose of additional securities in the future.

What financial impact does O3 Mining's acquisition of NewOrigin shares have?

The acquisition strengthens O3 Mining's position in NewOrigin Gold Corp, potentially increasing its influence and benefits from any future developments in the company.