O3 Mining Inc. Announces Normal Course Issuer Bid

Rhea-AI Summary

O3 Mining Inc. (TSXV: OIII, OTCQX: OIIIF) has received authorization from the TSX Venture Exchange to initiate a normal course issuer bid (NCIB) starting October 1, 2021, and ending September 30, 2022. This NCIB permits the purchase of up to 4,482,072 common shares, approximately 10% of the public float, for cancellation. The management believes the shares are undervalued and that this buyback will enhance shareholder value. BMO Nesbitt Burns Inc. will manage the NCIB transactions.

Positive

• Approval for NCIB to buy back up to 4,482,072 shares.
• Management believes shares are undervalued, indicating potential upside.
• Engaged reputable firm BMO Nesbitt Burns Inc. to manage transactions.

Negative

• None.

TSXV:OIII | OTCQX:OIIIF - O3 Mining

TORONTO, Sept. 28, 2021 /PRNewswire/ - O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted the Corporation's notice to implement a normal course issuer bid ("NCIB") to purchase, for cancellation, up to 4,482,072 of its common shares (the "Shares"), representing approximately 10% of the Corporation's "public float".

O3 Mining has received approval from the Exchange to commence the NCIB on October 1, 2021 and continue to September 30, 2022, or earlier in the event that the Corporation has acquired the maximum number of Shares that may be purchased under the NCIB. The Corporation may also terminate the NCIB earlier if it feels it is appropriate to so.

The NCIB will be made through the facilities of the Exchange and the purchase and payment for the Shares will be made in accordance with the Exchange requirements at the market price of the Shares at the time of acquisition. All Shares purchased by the Corporation under the NCIB will be cancelled.

The Corporation has engaged BMO Nesbitt Burns Inc. to act as its agent to conduct the NCIB transactions.

O3 Mining's management believes that the Shares have been trading in a price range which does not adequately reflect their value and that the purchase of the Shares under the NCIB is in the best interests of the Corporation, a desirable use of its available cash, and will enhance shareholder value in general.

To the knowledge of the Corporation, no director, senior officer or other inside of the Corporation currently intends to sell any shares under the NCIB.

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 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.

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 and projections as at the date of this news release. The information in this news release about the NCIB; the intentions of the Company to purchase Shares under the NCIB; the beliefs of management regarding the trading and value of the Shares; 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, beliefs, plans, projections, objectives, 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", "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, including the assumptions listed below, and estimates of management of the Company, 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 Company 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 volatility in the trading price of the Shares of the Company; the ability of the Company to implement the NCIB; the ability of the Company to complete further exploration activities, including drilling; property interests; the results of exploration activities; risks relating to 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 include the following: the price of the Shares not adequately reflecting the value of the Company; the number of Shares to be repurchased for cancellation under the NCIB; and generating value for the shareholders of the Company. 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 Company cannot assure shareholders and prospective purchasers 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 Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company 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 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 normal course issuer bid announced by O3 Mining?

O3 Mining announced an NCIB allowing it to purchase up to 4,482,072 common shares for cancellation.

How long will the O3 Mining NCIB be active?

The NCIB will be active from October 1, 2021, to September 30, 2022.

Why is O3 Mining initiating a buyback program?

Management believes the shares are undervalued and that the buyback will enhance shareholder value.

Who is managing the NCIB for O3 Mining?

BMO Nesbitt Burns Inc. has been engaged to manage the NCIB transactions.

How many shares represent the public float for O3 Mining?

Approximately 4,482,072 shares, which is about 10% of the public float, are being targeted for buyback.