Opus One Gold Corp. Announces Update on its Fecteau Property Deal

MONTREAL, Quebec, Feb. 02, 2021 (GLOBE NEWSWIRE) — Opus One Gold Corp. (OOR : TSXV) (“Opus One Gold” or the “Company”), in connection with the amendment of its option agreement on the Fecteau property announced on October 15, 2020, the Company is pleased to announce that it has made a second payment to the property owners in the amount of $75,000, half of which is payable in common shares of the Company at a deemed price per share of $0.07 (535,714 common shares), as consideration for the amendment to the original option agreement on the Fecteau property.
Following this payment, the Company’s remaining option payments total $175,000 along with exploration expenditure commitments totaling $500,000 (of which an amount of $150,000 is to be incurred on or before December 31, 2021). Moreover, the parties have agreed that 50% of the remaining option payments shall be payable in common shares of the Company at a price per share equal to the closing price of such shares on the TSX Venture Exchange (the “Exchange”) on the trading day immediately before the date of issuance, subject to the minimum price allowed by the policies of the Exchange. For certainty, all option payments payable in shares shall not exceed a maximum of 2,395,833 common shares, of which 848,214 common shares have been issued thus far.For more information on the amendment and the first payment, see news release dated October 15, 2020.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.For more information, please contact:Louis Morin
Chief Executive Officer & Director
Tel.: (514) 591-3988Michael W. Kinley, CPA, CA
President, Chief Financial Officer & Director
Tel: (902) 826-1579info@OpusOneGold.comVisit Opus One’s website: www.OpusOneGold.com