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O3 Mining selling james Bay FCI Property to Patriot Battery Metals

Feb 22, 2022

O3 Mining Inc. has entered into an asset purchase and sale agreement with Patriot Battery Metals Inc. to sell its remaining 50% interest in certain mining claims comprising the FCI Property located in James Bay Region of Québec to Patriot in exchange for 1,800,000 common shares of Patriot, and a one-time cash payment of C$3 million from Patriot. Patriot had previously earned a 50% interest in the FCI Claims pursuant to an Earn-in and Joint Venture Agreement, as amended, between O3 Mining and Patriot.

Mr. Jose Vizquerra, O3 Mining's President, Director and Chief Executive Officer commented: "We are pleased to continue to increase value for our shareholders, with no dilution, through divestment of a non core asset as a part of our ongoing strategy. This transaction will improve our cash position as well as support our 2022 drilling program ".

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 (137,000 hectares) in Québec. O3 Mining trades on the TSX Venture Exchange (TSXV: OIII) and OTC Markets (OTCQX: OIIIF). The Corporation is focused on delivering superior returns to its shareholders and long-term benefits to its stakeholders. Further information can be found on our website at https://o3mining.com

Tags: Quebec / Deals & Financial / Battery Metals / All Articles