Osisko Metals Announces Sale of 1.5% NSR Royalty on Pine Point Project and $7M Non-Brokered Private Placement
On December 3, 2019 Osisko Metals Incorporated (“Osisko” or the “Company”) announced that it had entered into a binding term sheet with Osisko Gold Royalties Ltd (“Osisko Gold Royalties”), pursuant to which Osisko Gold Royalties will acquire, subject to the closing by the Corporation of the previously announced purchase of the Karst Royalty, half of such Karst Royalty, representing a 1.5% net smelter return royalty on the Corporation’s 100%-owned Pine Point Project, in consideration for a cash purchase price of C$6.5M.
Osisko Metals further announced a non-brokered private placement of 14,000,000 units of the Corporation (“Units”) at $0.50 per Unit for gross proceeds of up to C$7,000,000 (the “Offering”).
The net proceeds from the Offering shall be used by the Corporation to advance exploration on its core mineral properties, partially fund the acquisition of the previously announced purchase of the Karst transaction and for general corporate purposes.
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the base metal space with a focus on zinc mineral assets. The Company controls Canada’s two premier zinc mining camps.
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