TSXV:OIII | OTCQX:OIIIF - O3 Mining
TORONTO, Oct. 16,
2024 /CNW/ - O3 Mining Inc. (TSXV:
OIII) (OTCQX: OIIIF) ("O3 Mining" or the
"Corporation") is pleased to announce that the TSX Venture
Exchange (the "Exchange") has accepted the Corporation's
notice to implement a normal course issuer bid ("NCIB") to
purchase, for cancellation, up to 8,252,733 of its common shares
(the "Shares"), representing approximately 10% of the
Corporation's "public float".
The Corporation has received approval from the Exchange to
commence the NCIB on October 23, 2024
and continue to October 22, 2025, or
earlier in the event that the Corporation has acquired the maximum
number of Shares that may be purchased under the NCIB. The
Corporation may also terminate the NCIB earlier if it feels it is
appropriate to do so.
The NCIB will be made through the facilities of the Exchange and
the purchase and payment for the Shares will be made in accordance
with the Exchange requirements at the market price of the Shares at
the time of acquisition. All Shares purchased by the Corporation
under the NCIB will be cancelled. The Corporation has not
repurchased any of its Shares on the Exchange in the previous 12
months.
The Corporation has engaged CIBC World Markets Inc. to act
as its agent to conduct the NCIB transactions.
Management believes that the Shares have been trading in a price
range which does not adequately reflect their value and that the
purchase of the Shares under the NCIB is in the best interests of
the Corporation, a desirable use of its available cash, and will
enhance shareholder value in general.
To the knowledge of the Corporation, no director, senior officer
or other insider of the Corporation currently intends to sell any
shares under the NCIB.
About O3 Mining Inc.
O3 Mining Inc. 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 and expertise of a team of industry leaders 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 (111,000 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
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information"
within the meaning of the applicable Canadian securities
legislation that is based on expectations, estimates, projections,
and interpretations as at the date of this news release.
Forward-looking statements include, but are not limited to,
statements with respect to the NCIB, the intention of the
Corporation to purchase Shares under the NCIB, the beliefs of
management regarding the value of the Shares, the Corporation
becoming a gold producer with several multi-million-ounce deposits
in Québec, and the Corporation's ability to deliver superior
returns to its shareholders and long-term benefits to its
stakeholders. Any statement that involves discussions with respect
to predictions, expectations, interpretations, beliefs, plans,
projections, objectives, assumptions, future events or performance
(often but not always using phrases such as "expects", or "does not
expect", "is expected", "interpreted", "management's view",
"anticipates" or "does not anticipate", "plans", "budget",
"scheduled", "forecasts", "estimates", "believes" or "intends" or
variations of such words and phrases or stating that certain
actions, events or results "may" or "could", "would", "might" or
"will" be taken to occur or be achieved) are not statements of
historical fact and may be forward-looking information and are
intended to identify forward-looking information. This
forward-looking information is based on reasonable assumptions and
estimates of management of the Corporation, at the time it was
made, involves known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the companies to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Although the forward-looking
information contained in this news release is based upon what
management believes, or believed at the time, to be reasonable
assumptions, the Corporation cannot assure shareholders and
prospective purchasers of securities that actual results will be
consistent with such forward-looking information, as there may be
other factors that cause results not to be as anticipated,
estimated or intended, and neither the Corporation nor any other
person assumes responsibility for the accuracy and completeness of
any such forward-looking information. The Corporation does not
undertake, and assumes no obligation, to update or revise any such
forward-looking statements or forward-looking information contained
herein to reflect new events or circumstances, except as may be
required by law.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein.
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SOURCE O3 Mining Inc.