- O2Gold Inc. (OTGO) has received final approval from the TSXV for its previously announced settlement with its largest shareholders, Bullet Holding Corp. and Magnolia Capital
- The approval is pursuant to which O2Gold has returned all of the issued and outstanding shares of Buenaventura Gold, Inc.
- The project was returned as consideration for Bullet and Magnolia relinquishing their entitlements to a US$2.5 million payment
- The company does not currently meet the continued listing requirements for a Tier 2 listed company, and its listing will be transferred to the NEX on or about August 8, 2022
- O2Gold’s (OTGO) share price remains unchanged in early morning trading at C$0.01 as of 10:13 am EDT
O2Gold (OTGO) has received approval from the TSXV for a settlement with, among others, Bullet Holding Corp. and Magnolia Capital LLC.
The approval is pursuant to which O2Gold has returned all of the issued and outstanding shares of Buenaventura Gold, Inc. – a Panamanian company – to Bullet and Magnolia.
Buenaventura indirectly owns, or has been irrevocably transferred, 26 mining claim titles and applications in the Segovia/Zaragoza regions of Antioquia in Colombia.
The project was returned as consideration for (among other things) Bullet and Magnolia relinquishing their entitlements to a US$2.5 million payment that would otherwise have been payable later this year.
In addition, as a result of the settlement, the company has announced that the TSXV has determined that the company does not currently meet the continued listing requirements for a Tier 2 listed company, and therefore, the company’s listing will be transferred to the NEX on or about August 8, 2022.
O2Gold is a mineral exploration company with activities in Colombia. The Company’s contiguous 30,000-ha land package includes several brownfields and largely underexplored greenfield prospects.
O2Gold’s (OTGO) share price remains unchanged in early morning trading at C$0.01 as of 10:13 am EDT.