Precious Metals

otso energy solutions

Otso Obtains Conditional Approval from the TSX Venture Exchange to its Proposed Brunswick Gold Financing; Confirms January 20, 2021 as the Date for its Annual and Special Shareholders' Meeting

(TheNewswire)



Toronto, ON TheNewswire - Otso Gold Corp. (" Otso " or the " Company "), (TSXV:OTSO) is pleased to announce that, further to its press release dated December 14, 2020 in respect of the previously announced private placement of units for aggregate gross proceeds of US$11 million (the " Financing ") to Brunswick Gold Ltd (" Brunswick Gold "), the Company has now received TSX Venture Exchange (the " Exchange ") conditional approval to same.

The Company's annual and special shareholders meeting will be held on January 20, 2021 (the " Meeting ").  At such Meeting, the Company's shareholders  will be asked to confirm, among other things, Brunswick Gold becoming a new ‘Control person" under the rules of the Exchange upon the closing of the Brunswick Financing. The Company will file on SEDAR a management information circular (the " Circular ") which will describe the Brunswick Financing in greater detail.  Shareholders are urged to read the Circular.

In connection with the Financing, 25,904,040 common shares will be issued to settle the US$1 million outstanding balance of an unsecured loan currently owed to an affiliate of Brunswick Gold; such loan will be assigned to Brunswick Gold prior to completion of the Brunswick Financing.  In addition, 31,909,280 common shares will be issued to PFL Raahe Holdings LP (" Pandion ") pursuant to its "top-up" right to satisfy the outstanding balance of the US$1,231,826.21 contingent liability owing to Pandion.

For further information, please contact:

Clyde Wesson
Vice President
1 917 287 0716

info@otsogold.com
www.otsogold.com

Forward-looking Statements

This press release contains forward-looking statements regarding the Company based on current expectations andassumptions of management, which involve known and unknown risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are forward-looking statements under applicable Canadian securities legislation. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward-lookingstatements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR ( www.sedar.com ) under the Company's issuer profile. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

About the Company

Otso Gold Corp. wholly owns the Otso Gold Mine near the town of Raahe in Finland. The Otso Gold Mine is developed, fully permitted, has all infrastructure in place, two open pits and is progressing towards production in 2021 to process ore at name plate capacity of 2 million tonnes per annum.

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 this release.

42868227.5

Copyright (c) 2020 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

The Conversation (0)
stamp saying "approved"

5 Top Weekly TSX Stocks: Centerra Gold Up on EIA Approval for Öksüt Mine

The S&P/TSX Composite Index (INDEXTSI:OSPTX) edged up last Friday (June 2), opening at 19,672.25.

After ending May down more than 3 percent, the index kicked off June by inching up, spurred on by higher commodities prices. Gold was back up above US$1,980 per ounce this week, with silver also seeing gains to trade almost at US$24 per ounce.

"Whatever variables you're looking at, whatever you think might be driving gold today — I think basically we set that aside, we look at the macro. And the macro I think is we're heading for a recession," said Lobo Tiggre, editor and founder of IndependentSpeculator.com. “That's very bullish for safe-haven assets, which include gold and silver."

Keep reading...Show less
gold bar with uranium

Top Stories This Week: Gold Ends May in the Red, Namibia News Spooks Uranium Stocks

The month of May is now over, and for gold it was a time of downward momentum. After rising to the US$2,050 per ounce level early on, the yellow metal finished the period at around US$1,960, up from its lowest point of about US$1,940.

This week brought a resolution on the debt ceiling, with US President Joe Biden and Republican House Speaker Kevin McCarthy taking a proposed deal to Congress. By Thursday (June 1), it had made it through both the House and the Senate, allowing the country to avoid a default. The news came only a few days ahead of the deadline, which was set for this coming Monday (June 5).

With the deal now approved, the debt ceiling has been suspended until January 1, 2025.

Keep reading...Show less
chris blasi, gold chunks

Chris Blasi: Gold Bull Market Now in Third Leg, Here's What Comes Next

Gold has spent a fair amount of time above US$2,000 per ounce this year, although more recently it's pulled back.

What has demand for the yellow metal looked like in 2023? Speaking to the Investing News Network, Chris Blasi, president of Neptune Global, said he's seen high-net-worth and ultra-high-net-worth buyers entering the market.

"January, February started off a little on the slow side. Then comes March, and here in the US we had this banking crisis — the failure of Silicon Valley Bank, Signature Bank up in New York and then most recently First Republic Bank. What we've seen is a large influx of what we call high-net-worth and ultra-high-net-worth investors," he said during the interview.

Keep reading...Show less
Snowline Gold (CSE:SGD)

Snowline Gold Purchases Mineral Property Portfolio with Historical Drill Results Of 2.1 Grams Per Tonne Gold Over 96.0 Metres on Intrusive Target Near Rogue Project’s Valley Discovery

SNOWLINE GOLD CORP. (TSX-V:SGD)(OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce purchase from two arm's-length entities of a mineral property portfolio comprising 92 claims in the vicinity of its Rogue Project in the Yukon Territory, Canada. Historical work on these claims suggests the presence of multiple reduced-intrusion related gold systems (RIRGS) within the Rogue Plutonic Complex, the geological system which hosts Snowline's Valley discovery. A historical diamond drill intersection at the "Reid" target roughly 8 km east of Valley and 4 km east of Gracie reported 2.1 g/t Au over 96.0 m within 234.7 m of 0.94 g/t Au, including high-grade intersections of 76.9 g/t Au and 26.7 g/t Au over 1.5 m each, within a granodiorite stock with similarities to the Valley intrusion. These results have not been verified by the Company, but descriptions of geology and mineralization intersected by this drilling, including visible gold in sheeted quartz veins and the poly-phase nature of the intrusion, are consistent with observations made in drilling at Valley, demonstrating the potential for regional gold fertility.

Keep reading...Show less
Barksdale Resources (TSXV:BRO)

Barksdale Provides Sunnyside Permitting Update

Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce positive permitting progress related to the proposed Sunnyside copper-lead-zinc-silver exploration program in Arizona.

Following issuance of a draft Decision Memorandum ("DM") and Finding of No Significant Impact ("FONSI") for Barksdale's proposed seven-year exploration drilling program at Sunnyside in late January 2023, the United States Forest Service ("USFS") has continued to move through the final permitting steps. On March 13, 2023, the 45-day Objection Period concluded, and resulted in two objections from parties that made previous comments during the USFS public comment period in 2021. The USFS confirmed with the Company that it completed the mail-out of objection responses on May 26, thereby ending the Objection Response Period.

Keep reading...Show less

Latest Press Releases

Related News

×