(via TheNewswire)
The proceeds from the Offering will be deployed by Otso to continue its ramp up to production and for working capital during production.
Additionally, the Company is pleased to confirm that the National Instrument 43-101 Technical Report prepared by
Further Details of Offering
All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The Offering is considered a ‘related party transaction’ within the meaning of Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions("MI 61-101"). The Company has relied on exemptions from the formal valuation and majority of minority approval requirements in sections 5.5(b) and 5.7(a) of MI 61-101 in respect to completing the Offering, as the fair market value of BGL's participation was not be more than 25% of the Company's market capitalization.
The Company did not file a material change report more than 21 days before the expected closing of the Offering because the details of the participation therein by related parties of the Company were not settled until shortly prior to the closing of the Offering and the Company wished to close on an expedited basis for business reasons.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the"
For further information, please contact:
Vice President
1 917 287 0716
info@otsogold.com
www.otsogold.com
Caution
The Company cautions that it has not defined or delineated any proven or probable reserves for the
The Company also cautions that the decision by the Company to proceed to develop the
Forward-looking Statements
This press release contains forward-looking statements regarding the Company based on current expectations and assumptions of management, which involve known and unknown risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are forward-looking statements under applicable Canadian securities legislation. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR (www.sedar.com) under the Company’s issuer profile. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
About the Company
Neither the
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Copyright (c) 2021 TheNewswire - All rights reserved., source