(TheNewswire)
Toronto, ON. - TheNewswire - January 20, 2021 – Otso Gold Corp. (“ Otso ” or the“ Company ”), (TSXV:OTSO) is pleased toannounce that, further to its press release dated December 22, 2020,the Company has received shareholder approval in respect of theprivate placement of units for aggregate gross proceeds of US$11million (the “ Financing ”) to Brunswick Gold Ltd(“ Brunswick Gold ”).
The Company’s annual and special shareholders meetingwas held on January 20, 2021 whereat the Company’s shareholdersoverwhelmingly voted to:
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- elect Brian Wesson, Clyde Wesson, Yvette Harrison andChristopher Towsey as directors; provided however, if the Financing iscompleted (as anticipated), to elect Brian Wesson, Clyde Wesson,Yvette Harrison, Vladimir Lelekov, Nicolas Pascault, Victor Koshkinand Martin Smith as directors. To this end, on completion of theFinancing, Mr. Christopher Towsey has agreed to tender his resignationas a director;
- approve the re-appointment of PricewaterhouseCoopersLLP, Chartered Professional Accountants as auditors of the Company;
- approve PFL Raahe Holdings LP and Brunswick Gold eachbecoming a new “Control Person” under the rules of the TSX VentureExchange upon the closing of the Financing; and
- approve the Company’s rolling stock optionplan.
The Financing is expected to close shortly as the theCompany is now only awaiting the ordinary course TSX Venture Exchangeclearance of various personal information forms (PIFs) in connectionwith Brunswick Gold becoming a new ‘control person’.
As a correction to the Company’s press release datedDecember 22, 2020, the aggregate 284,944,440 units (for gross proceedsof US$11 million), with each unit comprised of one common share andone common share purchase warrant, to be issued to Brunswick Gold willinclude 25,904,040 units to settle the US$1 million principal of anunsecured loan currently owed to an affiliate of Brunswick Gold; suchloan to be assigned to Brunswick Gold at or immediately prior tocompletion of the Financing.
For furtherinformation, please contact:
Clyde Wesson
Vice President
1 917 287 0716
info@otsogold.com
www.otsogold.com
Forward-lookingStatements
This press release containsforward-looking statements regarding the Company based on currentexpectations and assumptions of management, which involve known andunknown risks and uncertainties associated with our business and theeconomic environment in which the business operates. All suchstatements are forward-looking statements under applicable Canadiansecurities legislation. Any statements contained herein that are notstatements of historical facts may be deemed to be forward-lookingstatements. By their nature, forward-looking statements require us tomake assumptions and are subject to inherent risks and uncertainties.We caution our readers of this press release not to place unduereliance on our forward-looking statements as a number of factorscould cause actual results or conditions to differ materially fromcurrent expectations. Please refer to the risks set forth in theCompany's continuous disclosure documents that can be found on SEDAR( www.sedar.com ) underthe Company’s issuer profile. The Company does not intend, anddisclaims any obligation, except as required by law, to update orrevise any forward-looking statements whether as a result of newinformation, future events or otherwise.
About the Company
Otso Gold Corp. wholly owns the Otso Gold Mine near thetown of Raahe in Finland. The Otso Gold Mine is developed, fullypermitted, has all infrastructure in place, two open pits and isprogressing towards production in 2021 to process ore at name platecapacity 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 thisrelease.
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