O2Gold provides update on Machuca return processing

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TORONTO, July 14, 2022 (GLOBE NEWSWIRE) — O2Gold Inc. (TSX-V: OTGO) (“O2Gold” or the “company’) is pleased to provide an update on its previously announced deal (the ‘settlement’), including with one of its largest shareholders, Bullet Holding Corp. (“cartridge“), and Magnolia Capital LLC (“magnolia‘), pursuant to which O2Gold has agreed to redeem all 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 is being returned in exchange for (among other things) Bullet and Magnolia giving up their claims to a $2.5 million payment that would otherwise be due later this year. The settlement remains subject to shareholder and regulatory approvals. For more information about the settlement, see the Company’s news release dated June 14, 2022, which is available under the Company’s SEDAR profile at www.sedar.com.

The Company is working diligently to satisfy the remaining conditions to closing of the settlement, which management expects to be satisfied on or about July 28, 2022, the date at which the annual and special meeting of shareholders of the company in 2022 (the “To meet“) is to take place. The Company expects shareholder approval at the meeting on matters related to the Settlement. For more information, see the Company’s Management Information Circular dated June 27, 2022, which is also available on the Company’s SEDAR profile at www.sedar.com.

About O2 Gold

O2Gold is a mineral exploration company with operations in Colombia. The Company’s contiguous 30,000 hectare land package includes several brownfield sites and largely underexplored green spaces.

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 relating to the proposed settlement; the parties’ ability to satisfy the terms of closing the settlement; and the anticipated timing of meeting and completing the settlement 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 required shareholder and regulatory approvals and satisfying other conditions in the Agreement relating to the Settlement. 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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