TSX-listed junior Osisko Mining has raised C$150-million in a private placement, the proceeds of which will be used to advance its projects in Quebec.
The company entered into an agreement with Canaccord Genuity and Eight Capital to act as colead underwriters, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase 41 100 000 units of the corporation at C$3.65 a unit.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one common share for 18 months from the closing of the offering at a price of C$5.25.
Osisko will 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-million, exercisable at any time up to 48 hours prior to the closing of the offering.
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 Urban Barry area and nearby Quévillon area.