TORONTO, Sep 03, 2021 (GLOBE NEWSWIRE) – O2Gold Inc. (“O2Gold“or the”Society“) (TSXV: OTGO) is pleased to announce that it has entered into a settlement agreement dated September 2, 2021 (the”Settlement Agreement“) with Geominas Serviminas JV (“Geomines”) To settle approximately $ 176,000 of O2Gold’s outstanding cash debt to Geominas in connection with the Company’s exploratory drilling program. Pursuant to the settlement agreement, the Company agreed to issue to Geominas 800,323 of its common shares (the “Ordinary actions“) At a deemed price per share of $ 0.22, based on the closing price of the common shares on the TSX Venture Exchange (“TSXV“) September 2, 2021 (the”Rules“). As a result of the Settlement, the cash cost of the drilling program to the Company is expected to be approximately $ 123 per meter.
The Regulations remain subject to the approval of the TSXV. In accordance with applicable securities laws, common shares issued under the settlement will be subject to a four month and one day hold period.
O2Gold is a mining exploration company with operations in Colombia.
For more information, please contact:
Jaime Lalinde, President and CEO
Telephone: (57) 312 350 5864
Caution regarding forward-looking information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding the settlement, including the issuance of common shares in connection therewith, and the expected cash cost of the Company’s drilling program. In general, forward-looking information can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “planned”, “Estimates”, “anticipates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or declares that certain actions, events or results ” could ”,“ could ”,“ could ”,“ could ”or“ will be taken ”,“ occur ”or“ be reached ”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially. different from those expressed or implied by this forward-looking information. Although the Company has attempted to identify important factors which could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated or planned. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking information. The Company does not undertake to update forward-looking information, except in accordance with applicable securities laws.
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