O2Gold Provides Updates on Acquisition of Colombian Gold Project and $5 Million Financing

O2Gold Inc.

 (“

O2Gold

” or the “

Company

”) (TSXV: OTGO) announces today that the TSX Venture Exchange (“

TSXV

”) has granted an extension of 30 days for filing final documentation with respect to its previously announced acquisition of a gold mining project in Colombia (the “

Acquisition

”). The Company is working diligently to complete the remaining conditions to closing, particularly the Company’s previously announced non-brokered private placement financing of up to 25 million units for gross proceeds of up to $5 million (the “

Offering

”). Closing of the Offering and the satisfaction of the other closing conditions for the Acquisition are expected to occur in mid to late March 2021. Please see the Company’s press release dated January 14, 2021 for more information about the Offering, which is available under the Company’s SEDAR profile at www.sedar.com.

The project consists of interests in 26 mining claim titles and applications in Antioquia, Colombia. For more information about the Acquisition, please see the Company’s press releases dated October 28, 2020, November 30, 2020 and December 11, 2020, which are also available under the Company’s SEDAR profile. The closing of the Acquisition remains subject to the satisfaction of customary conditions precedent, including the receipt of regulatory approvals in Colombia, the final approval of the TSXV, completion of the Offering, and other closing conditions found in similar transactions.

In addition, the Company announces today that it has entered into a marketing services agreement with Hybrid Financial Ltd. (“Hybrid Financial”). Hybrid Financial is a sales and distribution company that actively connects issuers to the investment community across North America. Pursuant to the agreement, Hybrid Financial will assist O2Gold in all aspects of its marketing campaign to increase investor awareness by advancing O2Gold's communications strategy with shareholders, investors, investment dealers and other North American financial professionals.

The agreement with Hybrid Financial is effective for a 6-month term and, subject to the prior approval of the TSX Venture Exchange, Hybrid Financial is entitled to receive a lump sum fee of $135,000. Hybrid Financial is an arm’s length party from the Company and has an office in Toronto, Ontario. As of the date of this press release, neither Hybrid Financial nor any of its directors or officers own any securities of the Company.

About O2Gold

O2Gold is a mineral exploration company with activities in Colombia.

For additional information, please contact:Jaime Lalinde, President and CEOPhone: (57) 312 350 5864Email: [e-mail]

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s ability to complete the Acquisition and the Offering, the expected timing of completion of the Offering and the satisfaction of the closing conditions for the Acquisition, and the engagement of Hybrid Financial as a capital markets advisor. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.