TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, June 16,
2023 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the
"Corporation") is pleased to announce the following
corporate updates.
Resumption of Exploration Activities
O3 Mining would like to provide an update on the Québec
wildfires, further to our announcement on June 9, 2023 (See News Release dated June 9, 2023 and entitled "O3 Mining Provides
Update on Activities in Québec"). The government has
permitted certain sectors to regain access to the
Abitibi-Témiscamingue forests. Accordingly, O3 Mining will resume
certain field mapping, prospecting, and drilling activities while
restrictions continue to remain in place. We are continuing to
closely monitor the status of the Québec wildfires to ensure the
safety of our employees, contractors, partners and local
communities and will provide updates as necessary.
Community Meeting – Marban Project
As a result of the Québec wildfires, the Corporation has
rescheduled its neighbourhood community meeting to June 27, 2023 (see announcement of O3 Mining
dated May 30, 2023 and entitled
"Communication to the Community – Neighbourhood Meeting Marban
Project". We look forward to continuing to engage with our
local stakeholders on O3 Mining's ongoing activities regarding the
Marban project. On-site, team members from different professions
and areas of expertise will be on hand to answer questions and
discuss the Marban project.
A number of booths will be set-up at the meeting, arranged by
topic, covering the following matters:
- Our progress of the Marban Project;
- Our planned exploration work ;
- Our Responsible Exploration Program;
- The Federal and Provincial environmental assessment
processes for the Marban project;
- Our community relations initiatives;
- Our currently-available job postings; and
- A participatory activity to map land use .
Establishment of an "At-The-Market" Equity Offering
Program
The Corporation is pleased to announced that effective today, it
has established an at-the-market equity offering program (the
"Offering") that allows the Corporation to issue and sell up
to $10,000,000 of common shares in
the capital of the Corporation (the "Common Shares") from
the treasury to the public, from time to time, at the Corporation's
discretion and subject to regulatory requirements. All Common
Shares issued under the Offering will be sold in transactions that
are deemed to be "at-the-market" distributions as defined in
National Instrument 44-102 – Shelf Distributions. All Common
Shares sold under the Offering will be sold through the TSX Venture
Exchange or another marketplace (as defined in National Instrument
21-101 – Marketplace Operation) upon which the Common Shares
are listed, quoted, or otherwise traded, at the prevailing market
price at the time of sale. As Common Shares distributed under the
Offering will be issued and sold at the prevailing market prices at
the time of their sale or as otherwise permitted by law, prices may
vary among purchasers and during the period of
distribution.
The volume and timing of distributions under the Offering, if
any, will be determined in the Corporation's sole discretion and in
accordance with the terms and conditions of an equity distribution
agreement (the "Distribution Agreement") dated June 16, 2023, between the Corporation and
Canaccord Genuity Corp. (the "Agent"). The Offering provides
the Corporation with enhanced flexibility should future additional
financing be required, and it may be activated if and as deemed
appropriate. The Corporation intends to use the net proceeds from
the Offering, if any, principally for the exploration and
advancement of the Corporation's projects, general corporate and
working capital purposes, to repay indebtedness outstanding from
time to time, discretionary capital programs and potential future
acquisitions. However, none of the net proceeds from the Offering
have been allocated to a specific capital expenditure, and
management of the Corporation will have broad discretion with
respect to the actual use of the net proceeds from the
Offering.
Distributions of the Common Shares under the Offering, if any,
will be made pursuant to the terms of the Distribution Agreement.
The Corporation is not obligated to make any sales of Common Shares
under the Offering and, as at the date hereof, no Common Shares
have been distributed by the Corporation pursuant to the
Distribution Agreement. Pursuant to the terms of the Distribution
Agreement, the Offering will be effective until the earliest to
occur of: (i) termination by the Corporation or the Agent in
accordance with the terms of the Distribution Agreement; or (ii)
such date that the aggregate gross sales proceeds of Common Shares
under the Offering equals $10,000,000; or (iii) the date on which the
receipt issued for the Shelf Prospectus (as defined below) ceases
to be effective in accordance with applicable securities laws.
The offering of Common Shares under the Offering is qualified by
a prospectus supplement dated June 16,
2023 (the "Prospectus Supplement") to the
Corporation's short form base shelf prospectus dated April 28, 2023 (the "Shelf Prospectus").
Copies of the Distribution Agreement, the Prospectus Supplement and
the Shelf Prospectus are available on the Corporation's profile on
the System for Electronic Document Analysis and Retrieval (SEDAR)
at www.sedar.com. Alternatively, the Agent will send copies of the
Distribution Agreement, the Prospectus Supplement and the Shelf
Prospectus, upon request only, by contacting the Agent at: 40
Temperance Street, Suite 2100, Toronto,
Ontario M5H 0B4 or by email at
info@canaccordgenuity.com.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Common Shares in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to the registration or
qualification under the securities laws of any such
jurisdiction.
About O3 Mining Inc.
O3 Mining Inc. 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 and expertise of a team of industry leaders as it grows
towards becoming 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 (62,000 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
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 regarding the issuance,
sale and distribution of Common Shares pursuant to the Offering,
including the price, volume and timing of any distributions; the
intended use of any net proceeds from the Offering; 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. 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.
SOURCE O3 Mining Inc.