O2Gold Provides Update on $5 Million Financing

TORONTO, March 22, 2021 (GLOBE NEWSWIRE) — O2Gold Inc. (“O2Gold” or the “Company”) (TSXV: OTGO) announces today that, further to its news releases dated January 15, 2021 and February 8, 2021, the TSX Venture Exchange (“TSXV”) has granted an extension of 30 days for filing final documentation in respect of the previously announced private placement (the “Offering”). The Company plans to issue up to 25,000,000 units (each, a “Unit”) at a price of $0.20 per Unit for gross proceeds of up to $5,000,000. Each Unit will consist of one common share of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.30 for a period of 24 months from issuance.