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Osisko Closes Final Tranche of Share Repurchase Transaction with Orion

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Osisko Gold Royalties Ltd (TSX:OR) (NYSE: OR) announces that it has completed the second and final tranche of the previously announced purchase for cancellation of a total of 12,385,717 common shares of Osisko from Betelgeuse LLC a jointly owned subsidiary of certain investment funds managed by Orion Resource Partners.


As part of today’s closing, Osisko and Orion have closed the purchase for cancellation of 5,066,218 common shares of Osisko from Orion in exchange for cash consideration of approximately $71.4 million. In a concurrent transaction, Osisko disposed of all of the common shares of Victoria Gold Corp. then held by Osisko to another entity managed by Orion Resource Partners for cash consideration of $71.4 million.


Upon closing of the second tranche of the Share Repurchase, and following the previously announced closings of the first tranche of the Share Repurchase and secondary offering of common shares of Osisko pursuant to which a syndicate of underwriters have purchased for resale common shares of Osisko held by Orion, Orion’s ownership of Osisko’s issued and outstanding common shares has been reduced from approximately 19.5% to approximately 7.0%.


Immediately prior to the closing of the Concurrent Investment Disposition, Osisko had beneficial ownership of, or control and direction over, 154,517,996 common shares of Victoria, representing approximately 19.2% of Victoria’s issued and outstanding common shares. Immediately following the closing of the Concurrent Investment Disposition, Osisko had no beneficial ownership of, or control and direction over, any common shares of Victoria. Osisko disposed of the Victoria Shares through the Concurrent Investment Disposition and, in accordance with applicable securities laws, Osisko may, from time to time and at any time, acquire common shares and/or additional other equity, debt or other securities or instruments of Victoria in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Victoria, and other relevant factors.


This news release is issued under the early warning provisions of the Canadian securities legislation. A copy of the early warning report applicable to Victoria to be filed by Osisko in connection with the Concurrent Investment Disposition described above will be available on SEDAR under Victoria’s SEDAR profile. Victoria’s head office is located at 80 Richmond St. West, Suite 303, Toronto, Ontario, M5H 2A4. To obtain a copy of the early warning reports, you may also contact Joseph de la Plante, Vice President, Corporate Development of Osisko at (514) 940‑0670.


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. Further to the closing of the second tranche of the Share Repurchase, Osisko now has 142,949,093 common shares outstanding as of July 15 2019.


Posted July 16, 2019

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