O3 Mining Acquires Interests In Regcourt and Louvem Properties

 

TORONTO - O3 Mining Inc. has completed the purchase of the Regcourt gold property and the Louvem property from Monarch Gold Corporation pursuant to an asset purchase agreement. The Regcourt Property is located at the eastern end of the Val-d'Or gold mining camp, approximately 30 kilometers east of Val-d'Or, Québec, and consists of 88 mining claims near the centre of the western border of Vauquelin Township of Québec. The Louvem Property consists of 12 mining claims and is located five kilometers east of Malartic, Québec.

In accordance with the Asset Purchase Agreement, the Corporation: (i) acquired the Regcourt Property in exchange for the issuance of 113,637 common shares of the Corporation; (ii) acquired a 50% interest in the Louvem Property in exchange for the issuance of 4,546 common shares of the Corporation, subject to a 1% NSR royalty granted to Monarch on the Louvem Property with a 0.5% NSR royalty buy-back for CDN $300,000; and (iii) will acquire the remaining 50% interest in the Louvem Property for cash consideration of CDN $10,000 within two days of the receipt by Monarch of a declaratory judgment in respect of the Louvem Property. 

O3 Mining is well-capitalized and holds a 100% interest in a number of properties in Quebec (435,000 hectares) and Ontario (25,000 hectares). O3 Mining