03 Mining Inc. (TSX.V: OIII)
Announced that its wholly-owned subsidiary, Alexandria Minerals Corporation, has acquired an 80% undivided interest in the Centremaque Property, located on O3 Mining’s Alpha Property in Val-d’Or, Québec, Canada, from Golden Valley Mines and Royalties Ltd.
|03 Mining||TSX.V: OIII|
|Market Cap||C$132 m @ $1.95|
|Location||Quebec + Ontario|
03 Mining Acquires 80% Interest in the Centremaque Property Located on Its Alpha Property
TSXV:OIII | OTCQX:OIIIF – 03 Mining
TORONTO, Oct. 1, 2021 /CNW/ – 03 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (“O3 Mining” or the “Corporation“) is pleased to announce that its wholly-owned subsidiary, Alexandria Minerals Corporation (“Alexandria“), has acquired an 80% undivided interest (the “Acquired Interest“) in the Centremaque Property, located on O3 Mining’s Alpha Property in Val-d’Or, Québec, Canada (the “Property“), from Golden Valley Mines and Royalties Ltd. (“Golden Valley“).
The acquisition was completed pursuant to the terms of an option agreement dated April 20, 2017 between Golden Valley and Alexandria (as amended, the “Option Agreement“), pursuant to which Golden Valley granted Alexandria an option to acquire the Acquired Interest by, among other things, incurring C$4 million in eligible expenditures (the “Required Expenditures“) over a four-year period following the date of the Option Agreement.
On September 9, 2021, Golden Valley and Alexandria amended the terms of the Option Agreement to allow Alexandria to satisfy a shortfall of C$209,460 in Required Expenditures by delivering to Golden Valley common shares in the capital of the Corporation (the “Common Shares“)in lieuthereof.
In accordance with the terms of the amended Option Agreement, the Corporation has issued to Golden Valley an aggregate of 98,570 Common Shares in full satisfaction of Alexandria’s obligations to incur the Required Expenditures under the Option Agreement. The Common Shares issued in connection with the transaction are subject to a hold period expiring four months and one day after date of issuance.
In accordance with the terms of the Option Agreement, upon acquiring the Acquired Interest, Golden Valley and Alexandria are deemed to have formed a joint venture for the purposes of, among other things, further exploring the Property and, if deemed warranted, developing, constructing and operating a mine on the Property (or a part of thereof). Golden Valley will retain a 20% free carried interest, and retain a 1.5% NSR royalty, of which 0.5% may be purchased by the Corporation for C$1 million.
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.
Further information can be found on the corporate website HERE
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