Month: June 2020
OSISKO MINING CLOSES C$177 MILLION “BOUGHT DEAL” PRIVATE PLACEMENT OF UNITS, INCLUDING FULL EXERCISE OF THE UNDERWRITERS’ OPTION
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
(Toronto, June 23, 2020) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation”) is pleased to announce the completion of its previously-announced “bought deal” brokered private placement of an aggregate of 48,500,000 units of the Corporation (the “Units”) at a price of C$3.65 per Unit for aggregate gross proceeds of approximately C$177 million, including the exercise in full of the underwriters’ option (the “Offering”).
Each Unit consists of one common share of the Corporation and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one common share of the Corporation for 18 months from the closing of the Offering at a price of C$5.25, subject to adjustment in certain circumstances.
The net proceeds received from the Offering will be used to advance the Corporation’s Windfall Project as well as for working capital and general corporate purposes.
The Offering was led by Canaccord Genuity Corp. and Eight Capital, as co-lead underwriters, on behalf of a syndicate of underwriters that included BMO Capital Markets, National Bank Financial Inc., CIBC Capital Markets, Beacon Securities Limited, Echelon Wealth Partners Inc., Haywood Securities Inc. and Industrial Alliance Securities Inc. (collectively, the “Underwriters”). In consideration for their services, the Corporation paid the Underwriters a cash commission equal to 5.0% of the gross proceeds of the Offering, excluding certain President’s List subscribers.
All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof. The Offering is subject to final acceptance of the Toronto Stock Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
The following “insiders” of the Corporation have subscribed for Units under the Offering:
Insider | Insider Relationship | Units Purchased
(#) |
Subscription Amount
($) |
Robert Wares | Director of Osisko Mining | 125,000 | $456,250 |
José Vizquerra Benavides | Director of Osisko Mining | 54,000 | $197,100 |
Cathy Singer | Director of Osisko Mining | 6,800 | $24,820 |
Andree St-Germain | Director of Osisko Mining | 5,400 | $19,710 |
Keith McKay | Director of Osisko Mining | 5,000 | $18,250 |
Lili Mance | Senior Officer of Osisko Mining | 8,200 | $29,930 |
Blair Zaritsky | Senior Officer of Osisko Mining | 15,000 | $54,750 |
Donald Njegovan | Senior Officer of Osisko Mining | 13,700 | $50,005 |
Osisko Gold Royalties | 10% securityholder of Osisko Mining | 4,054,000 | $14,797,100 |
Murray John | Director of Osisko Gold Royalties (a 10% securityholder of Osisko Mining) | 27,400 | $100,010 |
Totals | 4,314,500 | $15,747,925 |
Each subscription by an “insider” is considered to be a “related party transaction” for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Corporation did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation therein by each “related party” of the Corporation were not settled until shortly prior to the closing of the Offering, and the Corporation wished to close the Offering on an expedited basis for sound business reasons. The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Corporation is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Corporation’s market capitalization. Additionally, the Corporation is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(b) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Corporation’s market capitalization.
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 the Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the the use of proceeds of the Offering, the timing and ability of the Corporation, if at all, to obtain final approval of the Offering from the Toronto Stock Exchange and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward- looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the terms and duration of any government orders suspending or limiting operations that are applicable to Osisko; the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such responses; the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653
OSISKO INFILL DRILLING CONTINUES TO CONFIRM HIGH GRADE AT LYNX
Including 376 g/t Au Over 2.0 Metres
And 35.2 g/t Au Over 4.3 Metres
(Toronto, June 23, 2020) Osisko Mining Inc. (OSK:TSX. “Osisko” or the “Corporation”) is pleased to provide new drilling results from the ongoing definition and expansion drill program at its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
Drilling is currently focused on the Lynx deposit, the main mineralized zones, and down plunge exploration in the central areas of the mineralized system. Windfall camp is expected to return to full capacity with 21 drill rigs by the end of this week.
Osisko President and Chief Executive Officer John Burzynski commented: “Todays infill results continue to demonstrate the continuity of the high-grade values in Lynx and Triple Lynx, as we continue to intersect the zones where anticipated. The drill program remains focused on defining the Lynx deposit as well as targeting key areas up plunge and down plunge for growth potential. We are also having good success in step-out drilling which will add to the scale of the deposit.”
Significant new analytical results from 33 intercepts in 18 drill holes and 7 wedges are presented below.
Selected high-grade intercepts from the new results include: 376 g/t Au over 2.0 metres in WST-20-0310; 23.8 g/t Au over 6.2 metres in OSK-W-19-2100-W5; 35.2 g/t Au over 4.3 metres in WST-20-0380; and 27.0 g/t Au over 4.5 metres in OSK-W-20-2250. Maps showing hole locations and full analytical results are available at www.osiskomining.com.
Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) uncut | Au (g/t) cut to 100 g/t | Zone | Corridor |
OSK-W-19-1731-W4 | 534.7 | 539.6 | 4.9 | 7.76 | Lynx_304 | Lynx | |
including | 534.7 | 535.2 | 0.5 | 36.5 | |||
and | 538.9 | 539.6 | 0.7 | 17.6 | |||
OSK-W-19-2100-W5 | 962.0 | 968.2 | 6.2 | 23.8 | 20.3 | Lynx_361 | Triple Lynx |
including | 966.2 | 966.8 | 0.6 | 136 | 100 | ||
OSK-W-19-2204 | 69.4 | 71.5 | 2.1 | 4.85 | Lynx_304 | Lynx | |
including | 70.8 | 71.5 | 0.7 | 14.2 | |||
OSK-W-20-1104-W7 | 470.0 | 472.0 | 2.0 | 7.98 | Lynx_359 | Lynx | |
including | 470.7 | 471.2 | 0.5 | 29.4 | |||
OSK-W-20-2139-W7 | 867.0 | 869.0 | 2.0 | 4.41 | Lynx_361 | Triple Lynx | |
including | 867.8 | 868.2 | 0.4 | 12.5 | |||
872.0 | 874.8 | 2.8 | 3.09 | Lynx_361 | Triple Lynx | ||
894.0 | 896.6 | 2.6 | 3.01 | Lynx_363 | Triple Lynx | ||
including | 895.0 | 895.3 | 0.3 | 24.5 | |||
899.4 | 901.7 | 2.3 | 3.06 | Lynx_363 | Triple Lynx | ||
OSK-W-20-2243-W1 | 828.1 | 833.3 | 5.2 | 5.43 | Lynx_364 | Triple Lynx | |
including | 828.1 | 828.4 | 0.3 | 40.6 | |||
OSK-W-20-2243-W2 | 828.0 | 834.0 | 6.0 | 2.99 | Lynx_363 | Triple Lynx | |
OSK-W-20-2245 | 109.5 | 111.5 | 2.0 | 15.2 | Lynx_311 | Lynx | |
including | 110.6 | 110.9 | 0.3 | 91.6 | |||
OSK-W-20-2250 | 799.5 | 804.0 | 4.5 | 27.0 | 14.7 | Lynx_364 | Triple Lynx |
including | 799.5 | 799.8 | 0.3 | 134 | 100 | ||
and | 801.5 | 801.8 | 0.3 | 251 | 100 | ||
807.0 | 809.0 | 2.0 | 5.87 | Lynx_364 | Triple Lynx | ||
OSK-W-20-2250-W1 | 767.0 | 769.0 | 2.0 | 5.65 | Lynx_363 | Triple Lynx | |
OSK-W-20-2252 | 871.1 | 873.6 | 2.5 | 3.21 | Lynx_371 | Triple Lynx | |
including | 871.1 | 872.0 | 0.9 | 7.51 | |||
875.3 | 877.7 | 2.4 | 4.09 | Lynx_371 | Triple Lynx | ||
including | 876.3 | 877.0 | 0.7 | 10.6 | |||
WST-20-0309 | 58.0 | 60.5 | 2.5 | 14.0 | Lynx_311 | Lynx | |
including | 58.5 | 59.5 | 1.0 | 34.8 | |||
WST-20-0310 | 63.7 | 65.7 | 2.0 | 376 | 34.4 | Lynx_311 | Lynx |
including | 63.7 | 64.2 | 0.5 | 1465 | 100 | ||
WST-20-0311 | 54.0 | 56.1 | 2.1 | 5.75 | Lynx_311 | Lynx | |
57.9 | 60.3 | 2.4 | 9.84 | Lynx_311 | Lynx | ||
including | 59.8 | 60.3 | 0.5 | 35.8 | |||
WST-20-0317 | 57.8 | 60.0 | 2.2 | 3.47 | Lynx_311 | Lynx | |
including | 58.7 | 59.2 | 0.5 | 14.2 | |||
64.4 | 66.4 | 2.0 | 13.7 | Lynx_323 | Lynx | ||
including | 65.4 | 66.4 | 1.0 | 26.8 | |||
WST-20-0319 | 58.7 | 62.3 | 3.6 | 23.6 | 21.1 | Lynx_323 | Lynx |
including | 60.5 | 60.9 | 0.4 | 122 | 100 | ||
and | 61.9 | 62.3 | 0.4 | 80.5 | |||
WST-20-0320 | 73.0 | 75.6 | 2.6 | 15.5 | Lynx_323 | Lynx | |
including | 74.9 | 75.6 | 0.7 | 44.5 | |||
WST-20-0380 | 52.9 | 57.2 | 4.3 | 35.2 | 30.4 | Lynx_311 | Lynx |
including | 56.2 | 57.2 | 1.0 | 121 | 100 | ||
WST-20-0384 | 125.0 | 127.0 | 2.0 | 25.5 | Lynx_304 | Lynx | |
including | 125.0 | 125.4 | 0.4 | 62.8 | |||
and | 126.5 | 127.0 | 0.5 | 50.0 | |||
WST-20-0417 | 65.0 | 67.5 | 2.5 | 4.81 | Lynx_339 | Lynx | |
WST-20-0428 | 130.5 | 132.8 | 2.3 | 3.40 | Lynx_304 | Lynx | |
including | 131.5 | 132.2 | 0.7 | 9.97 | |||
WST-20-0430 | 124.7 | 127.0 | 2.3 | 15.7 | Lynx_359 | Lynx | |
including | 125.1 | 125.5 | 0.4 | 88.8 | |||
WST-20-0432 | 126.0 | 128.0 | 2.0 | 9.25 | Lynx_359 | Lynx | |
including | 126.0 | 126.4 | 0.4 | 43.7 | |||
WST-20-0433A | 117.0 | 119.1 | 2.1 | 7.84 | Lynx_304 | Lynx | |
including | 117.6 | 117.9 | 0.3 | 36.1 | |||
122.0 | 124.0 | 2.0 | 10.9 | Lynx_359 | Lynx | ||
including | 122.9 | 123.4 | 0.5 | 39.1 | |||
WST-20-0434 | 114.0 | 116.6 | 2.6 | 8.28 | Lynx_304 | Lynx | |
including | 114.0 | 114.6 | 0.6 | 32.1 |
Notes: True widths are estimated at 55 – 80% of the reported core length interval. See “Quality Control and Reporting Protocols” below.
Drill hole location
Hole Number | Azimuth (°) | Dip (°) | Length (m) | UTM E | UTM N | Elevation | Section |
OSK-W-19-1731-W4 | 139 | -51 | 975 | 453383 | 5435518 | 409 | 3800 |
OSK-W-19-2100-W5 | 122 | -47 | 1134 | 453095 | 5435726 | 423 | 3650 |
OSK-W-19-2204 | 326 | -46 | 143 | 453254 | 5434979 | 398 | 3425 |
OSK-W-20-1104-W7 | 142 | -50 | 867 | 453383 | 5435455 | 402 | 3775 |
OSK-W-20-2139-W7 | 115 | -52 | 1164 | 452980 | 5435549 | 420 | 3450 |
OSK-W-20-2243-W1 | 122 | -54 | 960 | 453087 | 5435527 | 418 | 3550 |
OSK-W-20-2243-W2 | 122 | -54 | 972 | 453087 | 5435527 | 418 | 3550 |
OSK-W-20-2245 | 321 | -49 | 153 | 453236 | 5434971 | 398 | 3400 |
OSK-W-20-2250 | 132 | -57 | 1064 | 453128 | 5435505 | 420 | 3575 |
OSK-W-20-2250-W1 | 132 | -57 | 1060 | 453128 | 5435505 | 420 | 3575 |
OSK-W-20-2252 | 129 | -54 | 1194 | 453241 | 5435694 | 415 | 3750 |
WST-20-0309 | 172 | -23 | 166 | 453292 | 5435139 | 163 | 3525 |
WST-20-0310 | 169 | -33 | 97 | 453292 | 5435139 | 163 | 3525 |
WST-20-0311 | 152 | -15 | 97 | 453292 | 5435140 | 163 | 3525 |
WST-20-0317 | 131 | -23 | 127 | 453292 | 5435140 | 163 | 3525 |
WST-20-0319 | 134 | -3 | 118 | 453293 | 5435140 | 163 | 3525 |
WST-20-0320 | 128 | -16 | 124 | 453293 | 5435140 | 163 | 3525 |
WST-20-0380 | 159 | 11 | 85 | 453228 | 5435126 | 136 | 3475 |
WST-20-0384 | 160 | -35 | 157 | 453493 | 5435286 | 116 | 3775 |
WST-20-0417 | 138 | -50 | 759 | 453228 | 5435126 | 134 | 3475 |
WST-20-0428 | 143 | -37 | 232 | 453493 | 5435287 | 116 | 3775 |
WST-20-0430 | 160 | -29 | 148 | 453493 | 5435287 | 117 | 3775 |
WST-20-0432 | 149 | -32 | 157 | 453450 | 5435264 | 115 | 3725 |
WST-20-0433A | 155 | -32 | 157 | 453450 | 5435264 | 115 | 3725 |
WST-20-0434 | 156 | -28 | 154 | 453450 | 5435264 | 115 | 3725 |
Lynx Zone
Mineralization in the Lynx zone is typically characterized by trace to 15% disseminated, clustered or stringer pyrite (locally up to 70%), local visible gold, trace to 3% sphalerite, chalcopyrite, and galena, local ptygmatic pyrite-tourmaline or tourmaline veinlets, quartz-carbonate veins (locally crustiform), smoky quartz veins and veinlets, and local chlorite-calcite or quartz-carbonate chlorite fracture filling. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic or fragmental intrusions with rhyolites, andesites (locally bleached), or gabbros.
Triple Lynx Zone
Mineralization in the Triple Lynx zone is typically characterized by trace to 30% disseminated, clustered or stringer pyrite, local visible gold, trace sphalerite, chalcopyrite, and galena, local quartz-tourmaline veins (up to 20%), local ptygmatic tourmaline veins, and local smoky quartz and quartz-carbonate veins. Alteration consists of weak to strong sericite, weak to strong silica with areas of local pervasive silica flooding, weak to moderate chlorite and carbonate, and locally weak to strong fuchsite. Mineralization is hosted in or at the contacts of felsic porphyritic dikes with rhyolites (locally bleached) or gabbros.
Qualified Person
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Project Manager of Osisko’s Windfall Lake gold project, who is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 metres. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d’Or, Québec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Colombia, or (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d’Or and Chibougamau in Eeyou Istchee James Bay, Québec, Canada. The mineral resource defined by Osisko, as disclosed in the news release dated February 19, 2020 and supported by the technical report entitled “An updated mineral resource estimate for the Windfall Lake Project, Located in the Abitibi Greenstone Belt, Urban Township, Eeyou Istchee James Bay, Québec, Canada” and dated April 3, 2020 (with an effective date of January 3, 2020), and assuming a cut-off grade of 3.5 g/t, comprises 4,127,000 tonnes at 9.1 g/t Au (1,206,000 ounces) in the indicated mineral resource category and 14,532,000 tonnes at 8.40 g/t Au (3,938,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 19,2020 news release are further described in the full technical report prepared by Micon International Limited (“Micon”) and BBA Inc (“BBA”), in accordance with NI 43-101 available on SEDAR (www.sedar.com) under the Corporation’s issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The deposit is well defined from surface to a depth of 1,200 metres and remains open along strike and at depth. Mineralization has been identified 30 metres from surface in some areas and as deep as 2,000 metres in others, with significant potential to extend mineralization down-plunge and at depth.
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 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 and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate; the prospects, if any, of the Windfall gold deposit; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the projected capital expenditures of mining activities at the Windfall gold deposit; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the deposit remaining open along strike to the northeast and at depth; significant high-grade zones (Lynx 4, Triple Lynx) remaining open down plunge; the plunge potential of the Lynx and Underdog zones; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
CONTACT INFORMATION:
John Burzynski
President & Chief Executive Officer
Telephone (416) 363-8653
OSISKO RELEASES 2019 SUSTAINABLE DEVELOPMENT REPORT
(Toronto, June 18, 2020) Osisko Mining Inc. (OSK:TSX “Osisko” or the “Corporation”), is pleased to announce that it has published its 2019 Sustainable Development report which provides a detailed overview of the Company’s environmental, social, and governance (ESG) performance and economic contributions to the communities in which we operate. The report is available on the Osisko website www.osiskomining.com in English and French.
Osisko Mining believes that being a good corporate citizen involves delivering environmental stewardship, protecting the health and well-being of our workforce and our neighbours, engaging with stakeholders and being an economic stimulus for our host communities.
Our focus is to deliver lasting value to our stakeholders, our host communities and our employees. As reflected in our core values, a sustainable business must be ethical, creative and efficient, as well as respectful, engaged and inclusive. By understanding and listening to our stakeholders, we look for innovative ways to address both societal and economic expectations.
We have anchored sustainability in our business strategy through our policies. We monitor our performance in the pillars of society, health and safety, environment and economy, and align our strategies to meet new challenges.
The report covers Osisko Mining Inc. activities on our Windfall, Quévillon, Osborne-Bell and Urban Barry projects. It describes our ESG performance from January 1 to December 31, 2019 and gives comparative data from previous years.
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 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 and nearby Quévillon area (over 2,700 square kilometres).
CONTACT INFORMATION:
John Burzynski
President & Chief Executive Officer
Telephone (416) 363-8653
OSISKO MINING ANNOUNCES C$150 MILLION “BOUGHT DEAL” PRIVATE PLACEMENT OF UNITS
(Toronto, June 1, 2020) – Osisko Mining Inc. (TSX:OSK) (“Osisko” or the “Corporation”) is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. and Eight Capital to act as co-lead underwriters (the “Co-Lead Underwriters”), on behalf of a syndicate of underwriters (collectively with the Co-Lead Underwriters, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought-deal private placement basis, 41,100,000 units of the Corporation (the “Units”) at a price of C$3.65 per Unit (the “Offering Price”) for gross proceeds of C$150,015,000 (the “Underwritten Offering”).
Each Unit will consist of one common share of the Corporation (a “Unit Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Corporation for 18 months from the closing of the Offering at a price of C$5.25.
The Corporation shall grant the Underwriters an option to purchase up to an additional 7,400,000 Units at the Offering Price for additional gross proceeds of up to C$27,010,000 (the “Underwriter Option”) exercisable at any time up to 48 hours prior to the closing of the Offering.
The net proceeds received from the Offering will be used to advance the Corporation’s projects in Québec, as well as for working capital and general corporate purposes.
It is anticipated that closing of the Offering will occur on or about June 23, 2020 or such other date or dates as the Corporation and the Underwriters may agree. The Offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the Toronto Stock Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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 the Urban Barry area and nearby Quévillon area (over 2,700 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the closing of the Offering, use of proceeds of the Offering, the exercise of the Over-Allotment Option, and the approval of the TSX relating to the Offering; and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward- looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Corporation at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the terms and duration of any government orders suspending or limiting operations that are applicable to Osisko; the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such responses; the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Osisko to complete further exploration activities, including drilling; property interests in the Windfall Lake gold project; the ability of the Corporation to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions. Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information, Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
For further information please contact:
John Burzynski
President and Chief Executive Officer
Telephone: (416) 363-8653