O3 Mining Inc. (TSX-V: OIII)  is pleased to announce the successful completion of a non-brokered private placement of flow-through units at a price of $1.92 per Flow-Through Unit for gross proceeds of approximately $1.4 million. Each Flow-Through Unit consists of one common share of the Corporation and one-half of one common share purchase warrant each of which will qualify as a “flow-through share” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)). Each Warrant will entitle the holder to purchase one (non-flow-through) common share of the Corporation at a price of $1.45 per common share until August 28, 2026.

The Corporation understands that each of Sidex Limited Partnership and NQ Investissement Minier was a party to an arrangement with the initial subscribers of the Flow-Through Units or donees thereof, pursuant to which SIDEX LP acquired 454,546 units, and NQIM acquired 272,728 units.

O3 Mining’s President and Chief Executive Officer, Mr. José Vizquerra commented: “We are grateful to have the continued support of SIDEX LP and are pleased to welcome NQIM as a new shareholder of O3 Mining. Their participation in this Offering is a strong endorsement of our ongoing commitment to responsible exploration in Québec, particularly at our Kinebik project. The participation of these funds enables us to expand the size and scope of our exploration programs at Kinebik, accelerating our progress towards discovery while maintaining respect of a harmonious development of our activities with local stakeholders. We look forward to their continued support as we advance our exploration efforts, reinforcing our shared belief in the potential of Québec’s rich mineral resources and the future growth of O3 Mining.”

The gross proceeds from the Offering will be used by the Corporation to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures” (as both terms are defined in the Income Tax Act (Canada)) related to the Corporation’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers with an effective date no later than December 31, 2024. In addition, with respect to subscribers who are eligible individuals under the Taxation Act (Québec), the Qualifying Expenditures will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) and for inclusion in the “exploration base relating to certain Québec surface mining exploration expenses” within the meaning of section 726.4.17.2 of the Taxation Act (Québec).

All securities issued under the Offering are subject to a hold period of four months and one day from the issue date in accordance with applicable Canadian securities laws.

The Offering is subject to the final approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.