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O2Gold Inc. (TSXV: OTGO) closed its US$9mn acquisition of the 24,255ha Otu Central gold mining project in the Segovia/Zaragoza regions of Antioquia department. The project consists of interests in 26 mining claim titles and applications.
The change of ownership of Otu Central is by virtue of O2Gold’s acquisition of Panama-registered Buenaventura Gold, Inc. from Bullet Holding Corp., which has agreed to contribute exploration expertise and community relationships developed during several years of grassroots exploration.
O2Gold paid US$1mn in cash and US$3mn through the issuance of 18,807,206 O2Gold units at CAD$0.20 per unit.
The remaining US$5mn commitment will be paid in the form of OTGO shares worth US$2.5mn in October 2021 and US$2.5mn of shares in October 2022.
Bullet will also retain a perpetual 2% net smelter return royalty.

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