03 Mining Inc. (TSX.V: OIII)
03 Mining announced that the TSX Venture Exchange has accepted the Corporation’s notice to implement a normal course issuer bid to purchase, for cancellation, up to 4,482,072 of its common shares, representing approximately 10% of the Corporation’s public float.
|03 Mining||TSX.V: OIII|
|Market Cap||C$135 m @ $1.98|
|Location||Quebec + Ontario|
03 Mining Inc. Announces Normal Course Issuer Bid
TSXV:OIII | OTCQX:OIIIF – 03 Mining
TORONTO, Sept. 28, 2021 /CNW/ – 03 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.
03 Mining management comments
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)
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At the time of writing the author holds 03 Mining shares bought in the market at the prevailing price on the day of purchase.