Osisko Mining Inc. (TSX:OSK) is pleased to announce, further to its announcements on June 27, 2016, that the Corporation has completed a “bought deal” private placement financing of 7,570,000 flow-through common shares of the Corporation at an average price of approximately $3.33 per Flow-Through Share for total gross proceeds of $25,010,800. The Offering was underwritten by a syndicate of underwriters co-led by Canaccord Genuity Corp. and Dundee Securities Ltd., and including Beacon Securities Limited, Cormark Securities Inc., Haywood Securities Inc. and M Partners Inc.
The Corporation intends to use the gross proceeds of the Offering for “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) related to the Canadian exploration projects of Osisko. The Corporation has agreed to renounce such “Canadian exploration expenses” with an effective date of no later than December 31, 2016.
All securities issued to purchasers under the Offering will be subject to a four-month hold period from the date of issuance of the securities, pursuant to applicable securities legislation.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko holds a 100% in the high-grade Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100% interest in the Marban project located in the heart of Québec’s prolific Abitibi gold mining district, and properties in the Larder Lake Mining Division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past producing mine and the Gold Pike mine property. The Corporation also holds interests and options in a number of additional properties in northern Ontario. Osisko is well financed with approximately $90 million in cash, cash equivalents and marketable securities (after giving effect to the Offering).
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