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|Otso gold project, Finland. Image credit: Otso Gold.|
(Wallace Refiners) – Otso Gold (TSX.V:OTSO) announced on Monday that it has executed a subscription agreement with Brunswick Gold for a strategic investment of US$11 million into the company.
On completion, the proposed financing will fully fund the company to enable it move forward in line with the company’s previous press releases including the company’s planned return to production at the Otso gold mine, located in Finland.
On completion of the financing, the company intends to immediately restart its detailed directional diamond drilling program to inform a robust geological model and detailed mine plan that will be used to move to production in 2021.
CEO Brian Wesson commented, “We are excited to welcome Brunswick Gold to the company as a partner. We share the view that the considerable intrinsic value of Otso Gold will be unlocked by expediting the plan to return the mine to production in 2021. Brunswick’s strategic investment will provide the company with the capital required to achieve these goals.”
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 towards production in 2021 to process ore at name plate capacity of 2 million tonnes per annum.
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