R/€ = 15.57 Change: -0.03
R/$ = 13.91 Change: -0.05
Au 1416.92 $/oz Change: -10.78
Pt 846.86 $/oz Change: -3.62
 
 
R/€ = 15.57 Change: -0.03
R/$ = 13.91 Change: -0.05
Au 1416.92 $/oz Change: -10.78
Pt 846.86 $/oz Change: -3.62
 
 
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Explorer Osisko Mining raises C$40m

11th July 2019 BY: Creamer Media Reporter

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.

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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.

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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 Researcher and Deputy Editor Online
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