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NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MONTREAL, March 14, 2022 (GLOBE NEWSWIRE) -- Opus One Gold Corp. (OOR : TSXV) (“Opus One Gold” or the “Company”), in connection with the amendment of its option agreement on the Fecteau property announced on October 15, 2020, the Company is pleased to announce that it has made a second payment to the property owners in the amount of $75,000, half of which is payable in common shares of the Company at a deemed price per share of $0.05 (750,000 common shares), as consideration for the amendment to the original option agreement on the Fecteau property.
Following this payment, the Company’s remaining option payments total $100,000 along with exploration expenditure commitments totaling $350,000 (of which an amount of $150,000 is to be incurred on or before December 31, 2021). Moreover, the parties have agreed that 50% of the remaining option payments shall be payable in common shares of the Company at a price share equal to the closing price of such shares on the TSX Venture Exchange (the “Exchange”) on the trading day immediately before the date of issuance, subject to the minimum price allowed by the policies of the Exchange. For certainty, all option payments payable in shares shall not exceed a maximum of 2,395,833 common shares, of which 1,598,214 common shares have been issued thus far. The common shares issued pursuant to the above are subject to a statutory four-month hold period ending July 15, 2022.
For more information on the amendment and the first payment, see news release dated October 15, 2020.
OPUS ONE Resources Inc.
Opus One Resources Inc. is a mining exploration company focused on discovering high quality gold and base metals deposits within strategically located properties in proven mining camps, close to existing mines in the Abitibi Greenstone Belt, north-western Quebec and north-eastern Ontario - one of the most prolific gold mining areas in the world. Opus One holds assets in Val-d'Or, Matagami and Chibougamau areas.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
For more information, please contact:
Chief Executive Officer & Director
Tel.: (514) 591-398
Michael W. Kinley, CPA, CA
President, Chief Financial Officer & Director
Tel: (902) 826-1579
Visit Opus One’s website: www.OpusOneGold.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7ba1d64b-a6ed-468d-8ffa-e0e3222bd7ae