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Osisko Announces Closing of Secondary Offering of Common Shares by Orion

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Osisko Announces Closing of Secondary Offering of Common Shares by Orion

 

 

 

 

 

Osisko Gold Royalties Ltd (TSX:OR) (NYSE: OR) announces that Betelgeuse LLC (“Orion“), a jointly owned subsidiary of certain investment funds managed by Orion Resource Partners, has closed the previously announced secondary offering by a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets, pursuant to which the Underwriters have purchased, on a bought deal basis, an aggregate of 7,850,000 common shares of Osisko held by Orion.

 

Additionally, Orion has granted the Underwriters an over-allotment option, exercisable at any time up to 30 days from and including the date of closing of the Secondary Offering, to purchase up to 1,177,500 Common Shares.

 

Upon closing of the Secondary Offering, and following the closing of the first tranche of the previously announced share repurchase transaction, Orion’s ownership of Osisko’s issued and outstanding Common Shares has now been reduced from 19.5% to 10.2%. 

 

Furthermore, Osisko expects to close within the next week the second tranche of the share repurchase transaction, for a total cancellation of 5,066,218 Common Shares, representing Common Shares to be acquired with the proceeds of the Victoria Gold Corp. disposition, subject to customary closing conditions, including receipt of an Advanced Ruling Certificate (ARC) under the Competition Act (Canada). Following closing of the second tranche of the share repurchase transaction, Orion’s ownership of Osisko’s issued and outstanding Common Shares will further be reduced to 7.0%.

 

Orion has agreed with the Underwriters that its remaining Common Shares will be subject to a 180 day lock-up period, subject to customary exceptions.

 

About Osisko Gold Royalties Ltd

 

Osisko Gold Royalties Ltd is an intermediate precious metal royalty company that holds a North American focused portfolio of over 135 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its 5% NSR royalty on the Canadian Malartic Mine, which is the largest gold mine in Canada. Osisko also owns a portfolio of publicly held resource companies, including a 32.7% interest in Barkerville Gold Mines Ltd., a 16.6% interest in Osisko Mining Inc. and a 19.9% interest in Falco Resources Ltd.

 

Posted July 11, 2019

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