Osisko Mining Inc. (TSX:OSK) is pleased to announce, further to its press release dated September 9, 2016, that the Corporation has completed a “bought deal” private placement financing of 11,750,000 common shares of the Corporation at a price of $2.75 per Common Share for total gross proceeds of $32,312,500. The Offering includes the issuance by the Corporation of 1,750,000 Common Shares pursuant to the exercise in full of the option granted to the underwriters. The Offering was underwritten by a syndicate of underwriters led by BMO Capital Markets.
The Corporation intends to use the net proceeds of the offering to continue exploration and development of the Windfall Lake gold project and for general corporate purposes.
The Common Shares issued under the Offering are subject to a four-month hold period from the date of issuance of the Common Shares under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The listing of the Common Shares remains subject to the final listing approval of the Toronto Stock Exchange.
The securities offered will not be and have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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% interest 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 continues to be well financed and has approximately $80 million in cash and cash equivalents (after giving effect to the Offering) as well as marketable securities of approximately $55 million.
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