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  • O2Gold has agreed to return all of the issued and outstanding shares of Buenaventura Gold
  • Buenaventura indirectly owns 26 mining claim titles and applications in the Segovia/Zaragoza regions of Antioquia in Colombia
  • Bullet Holding Corp. and Magnolia Capital LLC will relinquish entitlements to a US$2.5 million payment
  • Settlement remains subject to shareholder and regulatory approval
  • O2Gold is a mineral exploration company with activities in Colombia
  • O2Gold Inc. (OTGO) is down 33.33 per cent in early trading at C$0.01.

O2Gold (OTGO) has provided an update on a settlement with Bullet Holding Corp. and Magnolia Capital LLC.

O2Gold has agreed to return all of the issued and outstanding shares of Buenaventura Gold, Inc. – a Panamanian company – to Bullet and Magnolia.

Buenaventura indirectly owns 26 mining claim titles and applications in the Segovia/Zaragoza regions of Antioquia in Colombia. The project is being returned as consideration for (among other things) Bullet and Magnolia relinquishing their entitlements to a US$2.5 million payment that would otherwise be payable later this year.

The settlement remains subject to shareholder and regulatory approval.

The company says it is working diligently to complete the remaining conditions to completing the Settlement, which management expects will be satisfied on or about July 28, 2022, the date on which the Company’s 2022 annual and special meeting of shareholders is scheduled to be held.

OTGO expects to receive shareholder approval at the meeting for matters related to the Settlement.

O2Gold is a mineral exploration company with activities in Colombia. The company’s contiguous 30,000-ha land package includes several brownfields and largely under-explored greenfields.

O2Gold Inc. (OTGO) is down 33.33 per cent in early trading at C$0.01.

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