O3 Mining Agrees to Sell Its Fancamp and Embry Properties to Blue Thunder Mining
TORONTO, April 20, 2020 (GLOBE NEWSWIRE) — O3 Mining Inc. (TSX.V:OIII) (“O3 Mining” or the “Corporation”) is pleased to announce that it has entered into an asset purchase agreement with Blue Thunder Mining Inc. (“Blue Thunder”) to sell its Fancamp and Embry properties located in the Chibougamau mining district of Quebec to Blue Thunder in exchange for (i) 4,514,436 common shares of Blue Thunder, and (ii) a 2% net smelter returns royalty over the Fancamp and Embry properties (subject to a 1% buy-back in favour of Blue Thunder for CDN $750,000). The transaction remains subject to the satisfaction or waiver of customary closing conditions, including the approval of the TSX Venture Exchange to permit Blue Thunder to issue common shares to O3 Mining.
O3 Mining President and CEO, Jose Vizquerra Benavides commented: “We are very pleased to have entered into this agreement with Blue Thunder, which furthers our strategy of deriving value from our non-core exploration assets while retaining exposure to upside through the retention of a 2% net smelter returns royalty. This divestment is part of our go-forward strategy of finding strategic buyers for our non-core assets, who have strong management teams and are well-capitalized and technically strong operationally. This strategy will allow O3 Mining to focus on our core projects in Val D’Or, Quebec. We look forward to completing this transaction with Blue Thunder in the coming weeks.”About O3 Mining Inc.