Osisko buys more shares in Virginia Mines
JOHANNESBURG (miningweekly.com) – As TSX-listed Osisko Gold Royalties geared up to combine its business with TSX-listed Virginia Mines, the Montreal-headquartered gold-focused royalty and stream company acquired a further one-million shares in Virginia Mines.
Osisko, which still had to complete the acquisition of 2.38-million shares in Virginia, would effectively hold more than 3.38-million shares, or 10.03% of the total issued and outstanding Virginia shares, after absorbing the additional shares at a price of C$13 apiece.
The company said on Wednesday that the shares would support the parties’ plans to merge, by way of plan of arrangement, into a new intermediate royalty company.
Last week, Osisko announced that each Virginia share would be exchanged for 0.92 Osisko shares, representing C$14.19 per Virginia share, based on the closing price of Osisko’s common shares of C$15.42 a share on the TSX as at November 14.
Existing Osisko and Virginia shareholders would own about 61% and 39% respectively of the combined company on completion of the deal.
Osisko, which could buy shares for a maximum ownership of 14.9%, said it would increase or decrease its ownership of the Virginia shares depending on market and other conditions.
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