O3 Mining Inc. (CVE:OIII) (OTCQX:OIIIF) said it has sold its Kinebik Gold Project located between the towns of Matagami and Lebel-sur-Quévillon, in northern Quebec, to Tri Origin Exploration Ltd.
Under the terms of the agreement, O3 Mining received 2,700,000 common shares of Tri Origin, which are subject to a statutory four-month and a day hold period.
After giving effect to the transaction, O3 Mining now holds an aggregate of 5,100,000 shares of Tri Origin, representing approximately 9.87% of the issued and outstanding Tri Origin shares on a non-diluted basis.
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In a statement, José Vizquerra, O3 Mining's president and chief executive officer commented: "We are pleased to announce that we have found another strategic partner for one of our non-core assets. We continue to increase value for our shareholders through divestment as a part of our ongoing strategy. We look forward to supporting Tri Origin as they maximize value in the Kinebik Gold Project".
O3 Mining, an Osisko Group company, is a gold explorer and mine developer ready to produce from its highly prospective gold camps in Québec, Canada. It benefits from the support, previous mine-building success, and expertise of the Osisko team as it grows towards being a gold producer with several multi-million ounce deposits in Québec.
The company is well-capitalized and owns a 100% interest in all its properties (137,000 hectares) in Québec.
Contact the author at jon.hopkins@proactiveinvestors.com