O2Gold Upsizes Private Placement and Provides Update on Quebec Aur Transaction

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, April 24, 2024 (GLOBE NEWSWIRE) -- O2Gold Inc. (NEX: OTGO.H) (“O2Gold” or the “Company”) is pleased to announce that, as a result of investor demand, it has increased its previously announced non-brokered private placement financing of common shares from up to 5,000,000 common shares of the Company (the “Common Shares”) for gross proceeds of up to $250,000, to up to 10,000,000 Common Shares for gross proceeds of up to $500,000 (the “Upsized Offering”).

All securities issued in connection with the Upsized Offering will be subject to a statutory hold period of four-months and one day. Completion of the Upsized Offering is subject to a number of conditions, including approval from the TSX Venture Exchange (“TSXV”). The Company intends to use the net proceeds of the Upsized Offering to finance activities on the Assets (as defined below) and for general working capital purposes. The Upsized Offering is expected to close on or about May 31, 2024. Finder’s fees may be paid to eligible finders in accordance with the policies of the TSXV consisting of a cash commission equal to up to 7% of the gross proceeds raised under the Upsized Offering and finder warrants (“Finder Warrants”) in an amount equal to up to 7% of the number of Common Shares sold pursuant to the Upsized Offering. Each Finder Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.05 per share for a period of 12 months following the closing date of the Upsized Offering.

Quebe Aur Transaction Update

As previously announced, the Company entered into a share exchange agreement (the “Agreement”) with Quebec Aur Ltd. (the “Target”) and its shareholders (the “Shareholders”) respecting the purchase of a gold mining exploration property in Quebec through the acquisition of all of the issued and outstanding shares of the Target from the Shareholders (the “Acquisition”). The property consists of 288 mining exploration claims in Quebec (collectively, the “Assets”). A map with further details of the Assets is provided below. For more information about the Acquisition, please see the Company’s press release dated April 15, 2024 (the “Press Release”), which is available under the Company’s SEDAR profile at www.sedarplus.ca.