Osisko announces C$75m private placement
Toronto-listed Osisko Mining has announced it will raise C$75-million in a bought-deal private placement for its Windfall project in the James Bay region of Quebec, as well as for general capital and corporate purposes.
The company has entered into an agreement with Canaccord Genuity on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a "bought deal" private placement basis, 24 195 000 units at C$3.10 each.
Each unit will consist of one common share and one-half of one common share purchase warrant of the corporation.
The offer is expected to close on February 28.
A November 2022 feasibility study indicates that Windfall has the potential to be a “significant and highly profitable” new gold mine, producing an average of 306 000 oz/y at an all-in sustaining cost of $758/oz.
The company expects the announcement of project financing plans in the first half of 2023 and a production decision in early 2024. The feasibility study calculates capital expenditure of C$788-million.
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