
O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF) announces that it has sold 6,492,200 common shares of Osisko Metals Incorporated to Osisko Mining Inc., a control person of the Corporation, for gross proceeds of $2,045,043 (or $0.315 per share, being the prevailing market price).
The Transaction is being disclosed by way of a news release as it 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 since Osisko Mining holds greater than 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 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 (66,000 hectares) in Québec.
1911 Gold Corporation (TSX-V: AUMB) (FRA: 2KY) is pleased to anno... READ MORE
Maritime Resources Corp. (TSX-V: MAE) is pleased to announce the ... READ MORE
Initial follow-up drilling at Saddle Zone identifies intersections of ne... READ MORE
Includes battery-grade spec anode material and a high-performance... READ MORE
NexMetals Mining Corp. (TSX-V: NEXM) (NASDAQ: NEXM) is pleased to... READ MORE