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Osisko Announces Letter of Intent From Investissement Quebec for $50 Million Financing

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Osisko Announces Letter of Intent From Investissement Quebec for $50 Million Financing






Osisko Gold Royalties Ltd (TSX:OR) is pleased to announce that it has accepted a letter of intent from Ressources Québec, a wholly-owned subsidiary of Investissement Québec, for a $50 million financing. Under the terms of the letter of intent, it is contemplated that Ressources Québec subscribe to a $50 million convertible debenture, which will mature in five years and will bear interest at an annual rate of 4% payable quarterly. Ressources Québec will be entitled, at its option, to convert the debenture into common shares of the Company at a price of $19.08 at any time during the term of the debenture. Osisko will pay a 1% financing fee to Ressources Québec and will reimburse its costs incurred in connection with the financing.



Closing of the financing is anticipated to occur on or about February 15th 2016. The letter of intent is non-binding, and the financing is subject, among other things, to receipt of applicable regulatory approvals, including approval of the Toronto Stock Exchange, and on the negotiation and signature of the final documentation in respect of the financing.



Sean Roosen, Chair and Chief Executive Officer of Osisko, stated: “We are very pleased to renew our relationship with Investissement Québec and to partner with them in creating value in the resource sector in Québec. Investissement Québec was a key financial partner in the development of the Canadian Malartic Mine in 2009.”



About Investissement Québec



Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.



About Osisko Gold Royalties Ltd



Osisko is an intermediate mining royalty and exploration company with two world-class gold royalty assets. These two cornerstone assets are a 5% net smelter return (“NSR”) royalty on the world-class Canadian Malartic gold mine, located in Malartic, Québec, and a 2.0-3.5% NSR on the Éléonore gold mine, located in James Bay, Québec. Osisko also holds a 2-3% NSR royalty on certain claims comprising the Island Gold Mine, a 2% NSR royalty on the Lamaque South Project, a 3% NSR royalty on the Malartic CHL property as well as a 2% NSR royalty on the Upper Beaver, Kirkland Lake and Hammond Reef gold exploration projects in Northern Ontario. The Company also owns a 9.8% equity interest in Labrador Iron Ore Royalty Corporation.


Posted February 10, 2016

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