/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Aug. 20,
2024 /CNW/ - O3 Mining Inc. (TSXV: OIII)
(OTCQX: OIIIF) ("O3 Mining" or the "Corporation") is
pleased to announce that it has entered into an agreement with
Canaccord Genuity Corp. on behalf of a syndicate of underwriters
(collectively, the "Underwriters"), pursuant to which the
Underwriters have agreed to purchase, on a "bought deal" basis,
13,660,000 units of the Corporation (the "Units"), at a
price of $1.10 per Unit (the
"Offering Price") for gross proceeds of $15,026,000 (the "Underwritten
Offering").
Each Unit will consist of one common share of
the Corporation (a "Common Share") and one-half of one
common share purchase warrant (each whole common share purchase
warrant, a "Warrant"). Each Warrant will entitle the holder
thereof to acquire one common share of the Corporation at a
price of $1.45 for a period of 24
months following the Closing Date (as defined herein).
The Corporation will grant the Underwriters an option to
purchase up to an additional 2,049,000 Units (the "Underwriter
Option Units" and together with the Units, the "Offered
Securities") to cover over-allotments, if any, and for market
stabilization purposes at a price of $1.10 per Underwriter Option Unit for additional
gross proceeds of up to $2,253,900
(the "Underwriter Option" and together with the Underwritten
Offering, the "Offering"), exercisable in whole or in part,
at any time on or prior to the date that is 30 days following the
Closing Date (as defined herein).
The net proceeds of the Offering will be used to advance the
Corporation's assets in Québec, as well as for working capital and
general corporate purposes.
The Units will be offered by way of a prospectus supplement to
purchasers in each of the provinces and territories of Canada (other than Québec) and may also be
offered by way of private placement in the United States and such other jurisdictions
as agreed between the parties.
The Offering is expected to close on or about August 28, 2024 (the "Closing Date") and
is subject to the Corporation receiving all necessary regulatory
approvals.
The securities to be offered pursuant to the Offering have
not been, and will not be, registered under the U.S. Securities Act
of 1933, as amended (the "U.S. Securities
Act") or any U.S. state securities laws, and may
not be offered or sold in the United
States or to, or for the account or benefit of, United States persons absent registration or
any applicable exemption from the registration requirements of the
U.S. Securities Act and applicable U.S. state securities
laws.
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 securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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 (107,000 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.
Forward-looking statements including, but are not limited to,
statements with respect to the proposed Transaction and the terms
of thereof and the impact on O3 Mining. 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. Except for statements of historical
fact relating to the Corporation, certain information contained
herein constitutes forward-looking statements. Forward-looking
information is based on 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 ability of the
parties to complete the Offering on the terms described in this
news release or timing currently expected, or at all, and general
developments, market and industry conditions. 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 believes that
this forward-looking information is based on reasonable
assumptions, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this news release should not be unduly relied upon. 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. These
statements speak only as of the date of this news release.
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.
For further information on O3 Mining, please
contact:
José Vizquerra | CEO, President &
Director
info@o3mining.com
Alex Rodriguez
| Vice President, Corporate Development
arodriguez@o3mining.com
Telephone: +1 (647) 391-7724
Toll Free: +1 (833) 979-3516
SOURCE O3 Mining Inc.