O3 Mining Inc. (TSX.V:OIII)
Announced that it has entered into a definitive property transfer agreement dated December 15, 2020 with Osisko Mining Inc. pursuant to which the O3 Mining, through its wholly-owned subsidiary, NioGold Mining Corporation, will transfer all of its rights, titles and interests in its Blondeau Guillet Property located in Belleterre, Québec to Osisko Mining.
|03 Mining||TSX.V: OIII|
|Market Cap||C$181 m @ $3.00|
|Location||Quebec + Ontario|
This transaction follows the stated objectives of 03 Mining to dispose of their Quebec based assets to focus on their Ontario based projects, where they think there is more potential.
It’s a bit of an incestuous transaction, with Osisko the third selling a property to Osisko the first, so I hope they take an NSR as part of the deal. The valuation has yet to be determined, but cash received will hopefully be utilised to fund the extensive drilling campaign planned for 2021 in Ontario.
O3 Mining Announces Sale Of Blondeau Guillet Property
Toronto, January 08, 2021 – O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation“) announces that it has entered into a definitive property transfer agreement dated December 15, 2020 with Osisko Mining Inc. (“Osisko Mining“) pursuant to which the O3 Mining, through its wholly-owned subsidiary, NioGold Mining Corporation, will transfer all of its rights, titles and interests in its Blondeau Guillet Property located in Belleterre, Québec to Osisko Mining (the “Transaction“).
The Transaction is considered to be a “related party transaction” of the Corporation for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) since Osisko Mining holds 10% of the issued and outstanding common shares of the Corporation.
The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Corporation is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(a) of MI 61-101 as the fair market value of the transaction, is not more than the 25% of the Corporation’s market capitalization, as well as the securities of the Corporation not trading on any “specified markets” set forth in MI 61-101.
Additionally, the Corporation is exempt from minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on section 5.7(b) of MI 61-101 as the fair market value of the transaction is not more than the 25% of the Corporation’s market capitalization.
About O3 Mining Inc.
O3 Mining, which forms part of the Osisko Group of companies, is a mine development and emerging consolidator of exploration properties in prospective gold camps in Canada – focused on projects in Québec and Ontario – with a goal of becoming a multi-million ounce, high-growth company.
O3 Mining is well-capitalised and holds a 100% interest in properties in Québec (133,557 hectares) and Ontario (25,000 hectares). O3 Mining controls 66,064 hectares in Val-d’Or and over 50 kilometres of strike length of the Cadillac-Larder Lake Fault.
O3 Mining also has a portfolio of assets in the Chibougamau region of Québec.
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