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O3 Mining announces sale of East Cadillac Project to Cartier Resources

Mar 2, 2022

O3 Mining Inc. has entered into a non-binding letter of intent with Cartier Resources Inc. in which Cartier would acquire a 100% interest in the East Cadillac Project, located in the Val-d'Or area, which is currently held in a wholly-owned by the Corporation. The Transaction remains subject to due diligence, corporate and regulatory approvals, completion of definitive documentation and other closing conditions.

Under the terms of the LOI signed on February 4th, 2022, O3 Mining would receive approximately 46 million common shares of Cartier ("Cartier Shares") in exchange for the East Cadillac Property, representing approximately 17.5% of the pro forma outstanding Cartier Shares upon the completion of the Transaction.

Mr. Jose Vizquerra, O3 Mining's President, Director and Chief Executive Officer commented: "We are pleased to have entered into this agreement with Cartier, which furthers our strategy of deriving value from certain of our exploration assets while retaining exposure to the upside as significant shareholder. This divestment is part of our go-forward strategy of finding strategic buyers for certain of our assets, who have strong management teams, are well-capitalized and strong technically and operationally".

Mr. Philippe Cloutier, Cartier's Chief Executive Officer commented: "The acquisition of the East Cadillac project positions Cartier into one of the largest gold exploration companies in the Val-d'Or mining camp area with a significant resource and land holding in Canada's most prolific gold mining camp. The transaction provides a good endorsement of our project and adds a highly successful project development company as a partner".

Tags: Quebec / Deals & Financial / Gold / All Articles