O2Gold Announces Regulatory Approval for Turnover of Machuca Project and Transfer to NEX

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TORONTO, Aug. 04, 2022 (GLOBE NEWSWIRE) — O2Gold Inc. (TSX-V: OTGO) (“O2Gold” or the “company“) announced today that it has received final approval from the TSX Venture Exchange (“TSXV’) for its previously announced winding up (the ‘settlement’), including with one of its largest shareholders, Bullet Holding Corp. (“cartridge“), and Magnolia Capital LLC (“magnolia”), pursuant to which O2Gold will acquire all of the issued and outstanding shares of Buenaventura Gold, Inc., a Panamanian company (“Buenaventura’), to Bullet and Magnolia. Buenaventura indirectly owns or has been irrevocably assigned 26 titles and applications for mining claims in the Segovia/Zaragoza regions of Antioquia in Colombia (the “Project“). The project was returned in exchange for Bullet and Magnolia (among others) giving up their claims to a $2.5 million payment that would otherwise have been due later this year. For more information about the settlement, see the Company’s news releases dated June 14, 2022 and July 29, 2022, available under the Company’s SEDAR profile at www.sedar.com.

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Additionally, as a result of the Settlement, the Company announces that the TSXV has determined that the Company does not currently meet the continuing listing requirements for a Tier 2 listed company and therefore the Company’s listing on the NEX will be deferred on or about April 8th August 2022.

About O2Gold

O2Gold is a mineral exploration company with operations in Colombia.

For more information please contact:

Jaime Lalinde, President and CEO
Telephone: (57) 312 350 5864
Email: [email protected]

Warnings

Certain information in this press release constitutes “forward-looking statements” within the meaning of securities laws. Such forward-looking statements, including but not limited to Statements Regarding the Transfer of the Company’s Listing to the NEX, involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, obtaining regulatory approval. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended stand out. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update any forward-looking statement, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATORY SERVICE PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NOTICE.

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