Intermediate precious metals royalty company Osisko Gold Royalties has completed the first tranche of a transaction to repurchase about 12.39-million Osisko shares from Betelgeuse (Orion), a jointly owned subsidiary of certain investment funds managed by Orion Resource Partners.
The first tranche has resulted in Osisko repurchasing for cancellation 7.32-million shares in exchange for certain equity securities of exploration and development companies currently held by Osisko.
A portion of the purchase price for the first tranche of the share repurchase was paid in the form of the transfer from Osisko to Orion of all the shares held by Osisko in Aquila Resources, Highland Copper Company and TerraX Minerals.
Osisko transferred to Orion 49.65-million common shares of Aquila, 74.42-million common shares of Highland Copper and 11.88-million common shares of TerraX.
The second tranche of the share repurchase, for a further 5.07-million Osisko shares, is expected to occur this month.