O3 Mining to sell East Cadillac Project to Cartier Resources
O3 Mining Inc. has entered into a definitive share purchase agreement with Cartier Resources Inc. in which O3 Mining has agreed to sell a 100% interest in its East Cadillac Project located in Val-d'Or, in exchange for 46,273,265 common shares of Cartier, representing approximately 17.5% of the pro forma outstanding common shares of Cartier upon the completion of the transaction.
In connection with the transaction, the Corporation and Cartier will enter into an investor rights agreement (the "Investor Rights Agreement"), pursuant to which O3 Mining will be entitled to designate one director for appointment to the board of directors of Cartier. The Investor Rights Agreement will also include, among other things, pre-emptive and top-up rights in favour of O3 Mining, a standstill provision for a period of two years and a share transfer restriction provision effective for a period of three years.
The transaction remains subject to the satisfaction or waiver of customary closing conditions, including the approval of the TSX Venture Exchange to permit Cartier to issue its common shares to O3 Mining.
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.
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