TSXV: OIII | OTCQX: OIIIF – Mining O3

TORONTO , April 7, 2022 /CNW/ –  O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (« O3 Mining » or the « Company ») is pleased to announce that it has entered into a definitive purchase of shares (the « Definitive Agreement ») with Cartier Resources Inc. (« Cartier ») pursuant to which O3 Mining has agreed to sell its 100% interest in the East Cadillac project , located in Val-d’Or , Quebec ( Canada ), in consideration for 46,273,265 common shares of Cartier , representing approximately 17.5% of the pro forma outstanding common sharesof Cartier upon completion of the transaction.

In connection with the transaction, the Company and Cartier will sign an agreement describing the rights of investors (the « Investor Rights Agreement ») pursuant to which Minière O3 will have the right to designate a director who will be appointed to the Board of Directors. by Cartier . The investor rights agreement will also include, among other things, pre-emption and accretion rights in favor of O3 Mining, a two-year standstill clause and a transfer restriction provision. of shares valid 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 allowing Cartier to issue common shares to Minière O3.

Part of the Osisko group of companies, O3 Mining is a gold exploration company and mining developer on its way to returning to production from its promising gold camps in Quebec ( Canada ). Minière O3 benefits from the support and expertise of the Osisko team, experienced in mining construction, in order to put into production its deposits of several million ounces of gold in Quebec.

Minière O3 is well capitalized and is the exclusive owner of all its properties located in Quebec (137,000 hectares). O3 Mining’s securities are traded on the TSX Venture Exchange (TSXV: OIII) and on OTC markets (OTCQX: OIIIF). The Company aims to deliver superior returns to its shareholders and lasting benefits to its stakeholders. More information is available on our website https://miniereo3.com.

This press release contains « forward-looking information » as that term is defined under applicable Canadian securities laws, which is based on expectations, estimates, projections and interpretations as of the date of this press release. The information contained in this press release regarding the closing of the transaction; the timing and ability (if any) of Minière O3 and Cartier to close the transaction; the O3 Mining implementation strategy; O3 Mining’s focus on its core projects in Val-d’Or, Quebec; and any other information contained herein that is not historical fact may constitute « forward-looking information ». Any statement that involves discussions of forecasts, expectations, interpretations, opinions, plans, projections, goals, assumptions, future events or performance (often using, but not necessarily, expressions such as « expects » or « does not expect », « is expected », « interpreted », « in the opinion of management », « anticipates » or « does not anticipate » , « plans », « budget », « schedule », « forecast », « estimate », « believes », « intends », or variations of these expressions or statements indicating that certain actions, certain events or results « could » or « should » occur, « will occur » or « will be achieved ») is not a statement of historical fact and may constitute forward-looking information and is intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of the Company’s management which, at the time they were made, involve known and unknown risks, uncertainties and other factors which could cause the results actual results, performance or achievements of the Company may differ materially from any future results, performance or achievements expressed or implied by such forward-looking information. Although the forward-looking information contained in this press release is based on what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and potential purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as forecast, estimated or intended, and neither party nor any other person assumes responsibility for the accuracy and completeness of this forward-looking information. Neither party undertakes and assumes any obligation to

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) is responsible for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

SOURCE O3 Mining Inc.