Mr. Aaron Atin reports

O2GOLD CLOSES FULLY SUBSCRIBED PRIVATE PLACEMENT

O2gold Inc. has closed its previously announced non-brokered private placement financing. The company issued 10 million units at a price of five cents per unit for gross proceeds of $500,000. For more information on the offering, please see the company's press release dated Sept. 14, 2022, which is available under the company's profile on SEDAR.

Pursuant to the offering, each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of 7.5 cents at any time prior to Sept. 27, 2023.

No finders' fees will be paid in connection with the offering. The company intends to use the net proceeds of the offering for general corporate purposes. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day, expiring on Jan. 28, 2023. Completion of the offering is subject to receipt of final approval of the NEX board of the TSX Venture Exchange.

Insiders of the company subscribed for units pursuant to the offering. The insider participation is considered to be a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The insider participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The company did not file a material change report more than 21 days before closing the offering as the details of the abovementioned insider participation were not settled until shortly prior to closing and the company wished to close the offering on an expedited basis.

About O2gold Inc.

O2gold is a mineral exploration company with its exploration activities in Colombia.

We seek Safe Harbor.