Osisko Mining (OSK-T) June 27, '16 is pleased to announce that it has entered into an agreement with a syndicate of underwriters led, by Canaccord Genuity Corp., whereby the Underwriters have agreed to purchase, on a "bought deal" basis, 7,570,000 flow-through common shares of the Corporation at an average price of approximately $3.33 per Flow-Through Share (representing a 45% premium to the closing price of common shares of the Corporation on the Toronto Stock Exchange (the "TSX") on June 24, 2016), for gross proceeds of $25,010,800.
The gross proceeds from the Offering will be used to fund "Canadian exploration expenses" (within the meaning of the Income Tax Act (Canada)) related to Osisko's projects in Ontario and Québec.
The Offering is being made by way of private placement in Canada. The Flow-Through Shares will not be offered or sold in the United States. The Offering is expected to close on or about July 27, 2016, and is subject to customary closing conditions including, but not limited to, the listing of the Flow-Through Shares on the TSX and the receipt of all necessary approvals, including the approval of the TSX and the relevant securities regulatory authorities. The Flow-Through Shares issued under this Offering will be subject to a four-month hold period.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d'Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québec's prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko is well financed with approximately $69 million in cash, cash equivalents and marketable securities.
John Burzynski
President and Chief Executive Officer
Osisko Mining Inc.
(416) 363-8653 |
