06:33 AM EDT, 03/11/2024 (MT Newswires) -- O3 Mining Inc. ( OIIIF ) said Monday that it has closed the sale of its Louvem Property located in Val-d'Or, Quebec, Canada, to Eldorado Gold (Quebec) Inc. (ELD.TO, EGO).

The company agreed to the sale in exchange for cash consideration of C$80,000 and the retention by O3 Mining ( OIIIF ) of a 0.5% net smelter return royalty payable to the company on all metal production from the claims constituting the Louvem Property.

In connection with the agreement, O3 Mining ( OIIIF ) granted to Eldorado Quebec the right to buy back 50% of the Louvem NSR from O3 Mining ( OIIIF ) at any time after the closing of the deal for immediate payment of C$250,000, to be paid in a lump sum.