Osisko Metals Incorporated (TSX-V:OM) (FRANKFURT: OB5) is pleased to announce that it has closed its previously announced “bought deal” private placement of 10,870,000 common shares of the Corporation that will qualify as “flow-through shares” (within the meaning of subsection 66 (15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)) at a price of $0.92 per Flow-Through Share for aggregate gross proceeds of $10,000,400.
The Offering was led by Canaccord Genuity Corp. on behalf of a syndicate of underwriters that included Industrial Alliance Securities Inc., Desjardins Securities Inc. and Macquarie Capital Markets Canada Ltd. (collectively, the “Underwriters“). In connection with the Offering, the Corporation paid the Underwriters a cash commission equal to 5.0% of the gross proceeds of the Offering.
The gross proceeds from the Offering will be used by the Corporation to incur eligible “Canadian exploration expenses” that will qualify as “flow‐through mining expenditures” as such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures“) related to the Corporation’s projects in Québec. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow‐Through Shares effective December 31, 2018.
All securities issued under the Offering are subject to a four month hold period which will expire January 13, 2019. The Offering is subject to final acceptance of the TSX Venture Exchange. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Osisko Metals
Osisko Metals is a Canadian exploration and development company creating value in the base metal space with a focus on zinc mineral assets. The Corporation controls Canada’s two premier zinc mining camps in Canada, namely the Pine Point Camp located in the Northwest Territories (22,000 ha) and the Bathurst Mining Camp, located in northern New Brunswick (63,000 ha). The Corporation is currently drilling in both mining camps for a combined 100,000 metre program. The focus of these programs is to upgrade historical resources to comply with NI43‐101 regulations and also on exploration around historical deposits. Brownfield exploration includes new innovative 3D compilation techniques, updated geological interpretation, and modern geophysics. In Québec, the Corporation owns 42,000 hectares that cover 12 grass‐root zinc targets that will be selectively advanced through exploration. In parallel, Osisko Metals is monitoring several base metal‐oriented peers for opportunities.
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