O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF) is pleased to announce the successful completion of its previously announced “best-efforts” brokered and non-brokered private placements, which closed this morning. Pursuant to the brokered tranche of the Offering, an aggregate of (i) 3,686,430 charitable flow-through shares of the Corporation were issued at an issue price of C$2.91 per Charitable Flow-Through Share for aggregate gross proceeds of approximately C$10.7 million, including the partial exercise of the agents’ option, and (ii) 1,300,000 traditional flow-through shares of the Corporation were issued at an issue price of C$2.31 per Traditional Flow-Through Share for aggregate gross proceeds of approximately C$3.0 million.

The brokered tranche of the Offering was led by Canaccord Genuity Corp., on behalf of itself and a syndicate of agents that included 3L Capital Inc., Sprott Capital Partners LP, CIBC World Markets Inc., Cormark Securities Inc., Eight Capital, National Bank Financial Inc., and Velocity Trade Capital Ltd.

The non-brokered tranche of the Offering comprised 2,164,500 Traditional Flow-Through Shares with strategic investors at an issue price of C$2.31 per Traditional Flow-Through Share for aggregate gross proceeds of C$4,999,995.

The Charitable Flow-Through Shares and the Traditional Flow-Through Shares will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)). The gross proceeds from the sale of the Charitable Flow-Through Shares and the Traditional Flow-Through Shares 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) (the “Qualifying Expenditures”) related to the Corporation’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers under the Offering with an effective date no later than December 31, 2022 and in the aggregate amount not less than the total amount of the gross proceeds raised under the Offering.

All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof.

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., 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. O3 Mining trades on the TSX Venture Exchange and OTC Markets. The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.