The information contained in this press release is not intended for distribution to United States newswire services or dissemination in the United States.
Toronto, August 20, 2024 – O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (“O3 Mining” or the “Corporation”) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters (the “Underwriters”), wherein the Underwriters will purchase 13,660,000 units of the Corporation (the “Units”) at a price of $1.10 per Unit for total gross proceeds of $15,026,000 (the “Underwritten Offering”).
Each Unit will consist of one common share of the Corporation (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”). Each Warrant allows the holder to acquire one common share of the Corporation at a price of $1.45 within 24 months of the Closing Date.
The Corporation will grant the Underwriters an option to purchase up to an additional 2,049,000 Units (the “Underwriter Option Units”) to cover over-allotments and for market stabilization purposes at a price of $1.10 per Underwriter Option Unit for gross proceeds of up to $2,253,900, exercisable up to 30 days following the Closing Date.
The net proceeds from the offering will fund the advancement of the Corporation’s assets in Québec, along with working capital and general corporate purposes.
The Units will be offered through a prospectus supplement in all Canadian provinces and territories (except Québec) and may also be offered through a private placement in the United States and other agreed-upon jurisdictions.
The Offering is expected to close around August 28, 2024, subject to regulatory approvals.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities.
For more information on O3 Mining Inc., please contact José Vizquerra, CEO, President & Director, at [email protected] or Alex Rodriguez, Vice President, Corporate Development, at [email protected] or +1 (647) 391-7724.
SOURCE O3 Mining Inc.
