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Explorer Osisko Mining raises C$40m

11th July 2019

By: Creamer Media Reporter

     

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TSX-listed exploration company Osisko Mining has raised C$40-million in two financing transactions announced on Wednesday.

In the C$30-million raising, the company entered into an agreement with a syndicate of underwriters, led by Canaccord Genuity, for a “bought deal” private placement of 5.295-million common shares that will qualify as “flow-through shares” that will be issued at C$5.67 each.

Osisko also granted the underwriters an option to sell an additional 794 250 shares, at the issue price, for a further C$4.5-million, exercisable 48 hours prior to the closing date.

The gross proceeds from the issue and sale of the flow-through shares would be used to incur eligible “Canadian exploration expenses” that will qualify as flow-through mining expenditures, as such terms are defined in the Income Tax Act.

The offering is expected to close on or about August 8.

In addition, Osisko also entered into a second agreement with Canaccord Genuity-led underwriters for bought deal private placement financing of 3.175-million common shares, at C$3.15, to raise C$10-million. This too will close on August 8.

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 and nearby Quévillon area.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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