Osisko Gold Royalties Ltd (TSX:OR) (NYSE:OR) is pleased to report that it has completed an initial investment of C$9.8 million towards its normal course issuer bid for a total 849,480 shares purchased for cancellation at an average price of C$11.56 per share during the month of December 2018 and that it has repaid US$43 million on its revolving credit facility.
The Share Repurchases were completed as an initial investment towards the Company’s previously announced intention to deploy up to C$100 million towards purchases under its NCIB. As a reminder, in December 2018, Osisko announced that in light of current market conditions, it believes the Company’s shares are an attractive investment opportunity and is prepared to deploy up to C$100 million towards its NCIB.
The actual number of common shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash and other factors. Any securities acquired under the NCIB of the Company will be cancelled.
Following the Debt Reimbursement, only C$30 million remains drawn on the Company’s C$350 million revolving credit facility as at December 31, 2018, which has an additional uncommitted accordion of up to $100 million (for a total available facility size of C$450 million). The facility is available until November 14, 2022 and may be extended by one year on each anniversary date.
Sean Roosen, Chair of the Board and Chief Executive Officer of Osisko noted: “We are aggressively redeploying the C$159.4 million in proceeds received from Pretium Exploration for the repurchase of the Brucejack gold and silver stream, towards our debt reduction program and remain firmly committed to repurchasing our shares in light of current valuation levels, while maintaining financial flexibility to pursue near term cash flow generating value creation opportunities.”
As at December 31, 2018, Osisko has approximately $1 billion in cash resources, credit facilities, and investments in equities available for the acquisition of streams and royalties.
About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas. Osisko holds a North American focused portfolio of over 130 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its 5% net smelter return 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 16.7% interest in Osisko Mining Inc., a 32.3% interest in Barkerville Gold Mines Ltd., a 17.8% interest in Falco Resources Ltd. and a 10.6% interest in Osisko Metals Incorporated.
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