O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF) is pleased to announce the completion of its previously-announced “bought deal” brokered private placement of an aggregate of 7,709,300 “flow-through shares” of the Corporation, at an issue price of C$4.54 per FT Share for aggregate gross proceeds of approximately C$35 million, including the exercise in full of the underwriters’ option.
The Offering was led by Sprott Capital Partners LP, on behalf of itself and a syndicate of underwriters that included Canaccord Genuity Corp., Eight Capital, CIBC World Markets Inc., National Bank Financial Inc., Red Cloud Securities Inc., Cormark Securities Inc. and Stifel Nicolaus Canada Inc.
The gross proceeds from the sale of the FT 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) related to the Corporation’s projects in Québec. The Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares with an effective date no later than December 31, 2021 and in the aggregate amount not less than the total amount of the gross proceeds raised from the issuance of the FT Shares.
All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date of issuance. The Offering is subject to final acceptance of the TSX Venture Exchange.
This press 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 ready 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) in Québec. O3 Mining trades on the TSX Venture Exchange and OTC Markets. The company is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders.
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