TORONTO, Sept. 27, 2022 (GLOBE NEWSWIRE) — O2Gold Inc. (NEX: OTGO.H) (“O2Gold” or the “company“) is pleased to announce that it has closed its previously announced non-brokered private placement financing (the “offer“). The company has issued 10,000,000 units (each a “Unit’) at a price of $0.05 per unit for gross proceeds of $500,000. For more information on the Offering, see the Company’s news release dated September 14, 2022, which is available under the Company’s profile on SEDAR at www.sedar.com.

Pursuant to the Offering, each Unit consists of one common share of the Company (each a “Spread Split‘) and a warrant to purchase one common share (each a ‘warranty“). Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.075 at any time prior to September 27, 2023.

No finder’s commissions will be paid in connection with the Offer. The Company intends to use the net proceeds from the Offering for general corporate purposes. All securities issued in connection with the offering are subject to a four month and one day statutory hold period expiring on January 28, 2023. Completion of the Offering is subject to final approval by the NEX Board of Directors of the TSX Venture Exchange.

Company insiders subscribed to the offering (the “insider participation“). The inside interest qualifies as a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of minority shareholders in special transactions (“MI 61-101“). Inside interest is exempt from the formal evaluation and approval requirements of minority shareholders under MI 61-101. The Company did not file a Material Change Report more than 21 days prior to the closing of the Offering because the details of the above insider investment were only finalized shortly before closing and the Company wanted to close the Offering quickly.

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