Osisko Mining Inc. (TSX:OSK) is pleased to announce, further to its announcements on February 6, 2017, that the Corporation has completed (i) a private placement financing of 5,450,000 flow-through common shares of the Corporation at a price of $5.52 per Flow-Through Share, for aggregate gross proceeds of $30,084,000 and (ii) a private placement financing of 15,327,000 units of the Corporation at a price of $3.40 per Unit, for aggregate gross proceeds to the Corporation of $52,111,800. Each Unit is comprised of one common share of the Corporation and one whole common share purchase warrant of the Corporation. Each Unit Warrant will entitle the holder thereof to purchase one common share of the Corporation at a price of $5.00 per Warrant Share, for a period of 18 months following the closing date of the Unit Offering.
The Corporation intends to use the net proceeds of the Unit Offering to continue exploration and development of the Windfall Lake gold project and for corporate purposes. The Corporation intends to use the gross proceeds of the Flow-Through Offering to fund “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) related to Osisko’s projects in the Province of Québec.
All securities issued under the Unit Offering and the Flow-Through Offering will be subject to a hold period expiring four months and one day from the date hereof. The securities offered 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% 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 with approximately $200 million in cash and investments (after giving effect to the Unit Offering and Flow-Through Offering).
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