O3 Mining sells 24 claims for $900,000

• O3 Mining (TSXV:OIII) has sold the remaining 24 claims for its Tortigny property to Kenorland Minerals for C$900,000
• The company has previously sold out of Tortigny twice before this, both times to Troilus Gold
• The previous claims sales were for a total of 2 million Troilus shares, which are now trading at $0.89 per share
• This claims sale to Kenorland brought the total sell off from Tortigny to $2.6 million
• O3 Mining (OIII) is holding steady, trading for $2.05 per share

O3 Mining (TSXV:OIII) has sold its 24 remaining claims on the Tortigny property to Kenorland Minerals for C$900,000.

The Kenorland payment will be actioned through four payments scheduled over the next three years, along with a 2 per cent net smelter royalty over the claims.

The net smelter fee is standard in most agreements involving a gold exploration company selling exploration assets. The fee also includes an option for Kenorland to buy back 1 per cent of said smelter royalty for a $1 million fee.

O3 has now sold its entire interest in the Tortigny Property through three seperate transactions, for a total of $2.6 million.

This was completed through 2 million shares the company now owns in Troilus Gold, valued at $0.89 today. The rest is made up of the $900,000 payment which the company just received from Kenorland.

O3 Mining will use the cash to develop some of its assets in Quebec and Ontario. The Chibougamau, Matagami, Timmins, and Val D’Or projects total some 435,000 hectares of exploration property for O3 to sink its teeth into.

O3 Mining’s President and CEO, Jose Vizquerra, said “The completion of this transaction with Kenorland represents the culmination of our efforts that began in November 2019 to sell the entire Tortigny Property.”

“We received, in return for the Tortigny Property, a great balance of cash and stock to strengthen our balance sheet, while retaining upside potential through the retention of net smelter returns royalties on the Tortigny Property.

“We will continue to work towards creating value for our shareholders as we focus on our other development and exploration assets,” he said.

O3 Mining (OIII) has a per share price of $2.05, holding steady for the day at 1:55pm EDT.