Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) today announced that it has commenced a legal proceeding against Goldcorp Inc. in the Quebec Superior Court.
In the Quebec proceeding, Osisko alleges that, in making its hostile take-over bid for Osisko dated January 14, 2014 Goldcorp misused confidential information and otherwise acted in a manner not permitted by the confidentiality agreement between the parties. Osisko also alleges that Goldcorp acted in bad faith and in a manner contrary to applicable law, in actions taken by Goldcorp prior to launching its Hostile Bid. Accordingly, Osisko is seeking an order enjoining the Hostile Bid and further conduct by Goldcorp that Osisko alleges is in breach of the Confidentiality Agreement.
Osisko believes that the Hostile Bid is opportunistic and financially inadequate and threatens to deprive Osisko’s shareholders of adequate consideration for their shares without providing the Company’s Board of Directors with a sufficient opportunity to properly convey the value of Osisko’s world-class assets or to develop, review and evaluate all value-enhancing alternatives.
About Osisko Mining Corporation
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration on a number of properties in Ontario and Mexico.
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