Mr. Clyde Wesson reports
OTSO ANNOUNCES RECEIPT OF SHAREHOLDER APPROVAL OF US$11 MILLION STRATEGIC INVESTMENT BY BRUNSWICK GOLD LTD
Further to Otso Gold Corp.'s press release dated Dec. 22, 2020, the company has received shareholder approval in respect of the private placement of units for aggregate gross proceeds of $11-million (U.S.) to Brunswick Gold Ltd.
The company's annual and special shareholders meeting was held on Jan. 20, 2021, whereat the company's shareholders overwhelmingly voted to:
Elect Brian Wesson, Clyde Wesson, Yvette Harrison and Christopher Towsey as directors; provided however, if the financing is completed (as anticipated), to elect Brian Wesson, Clyde Wesson, Ms. Harrison, Vladimir Lelekov, Nicolas Pascault, Victor Koshkin and Martin Smith as directors. To this end, on completion of the financing, Mr. Towsey has agreed to tender his resignation as a director;
- Approve the reappointment of PricewaterhouseCoopers LLP, chartered professional accountants, as auditor of the company;
Approve PFL Raahe Holdings LP and Brunswick Gold each becoming a new control person under the rules of the TSX Venture Exchange upon the closing of the financing; and
Approve the company's rolling stock option plan.
The financing is expected to close shortly as the company is now only awaiting the ordinary course TSX Venture Exchange clearance of various personal information forms (PIFs) in connection with Brunswick Gold becoming a new control person.
As a correction to the company's press release dated Dec. 22, 2020, the aggregate 284,944,440 units (for gross proceeds of $11-million (U.S.)), with each unit consisting of one common share and one common share purchase warrant, to be issued to Brunswick Gold will include 25,904,040 units to settle the $1-million (U.S.) principal of an unsecured loan currently owed to an affiliate of Brunswick Gold; such loan to be assigned to Brunswick Gold at or immediately prior to completion of the financing.
About the company
Otso Gold wholly owns the Otso gold mine near the town of Raahe in Finland. The Otso gold mine is developed, fully permitted, has all infrastructure in place, two open pits and is progressing toward production in 2021 to process ore at name plate capacity of two million tonnes per annum.
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