(TheNewswire)
Toronto, ON – TheNewswire - Otso GoldCorp. (“ Otso ” or the “ Company ”), (TSXV:OTSO) is pleased to announce that, further to its press release datedDecember 14, 2020 in respect of the previously announced privateplacement 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 meetingwill be held on January 20, 2021 (the “ Meeting ”). Atsuch 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 BrunswickFinancing. The Company will file on SEDAR a management informationcircular (the “ Circular ”) which will describe the BrunswickFinancing in greater detail. Shareholders are urged to read theCircular.
In connection with the Financing, 25,904,040 commonshares will be issued to settle the US$1 million outstanding balanceof an unsecured loan currently owed to an affiliate of Brunswick Gold;such loan will be assigned to Brunswick Gold prior to completion ofthe Brunswick Financing. In addition, 31,909,280 common shares willbe issued to PFL Raahe Holdings LP (“ Pandion ”) pursuantto its “top-up” right to satisfy the outstanding balance of theUS$1,231,826.21 contingent liability owing to Pandion.
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 andassumptions 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-lookingstatements as a number of factors couldcause actual results or conditions to differ materially from currentexpectations. Please refer to the risks set forth in the Company'scontinuous 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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