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Osisko Metals Announces C$3 Million Non-Brokered Private Placement of Units
MONTREAL, July 09, 2020 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the "Company" or "Osisko Metals") (TSXV: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased t
About this update from Osisko Metals Incorporated
[{"type":"text","content":" MONTREAL, July 09, 2020 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the \"Company\" or \"Osisko Metals\") (TSXV: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce a non-brokered private placement of up to 7.5 million units of the Company (each, a \"Unit\") at a price of $0.40 per Unit for gross proceeds of up to $3 million (the \"Offering\"). Each Unit will consist of one common share of the Company (each, a \"Common Share\") and one-half-of-one common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.52 per share for a 24-month period following the closing date of the Offering. The net proceeds from the Offering will be used for the development of Osisko Metals' Pine Point Project, specifically for continued historical core relogging program and drilling, environmental baseline field work, as well as general corporate purposes. The Offering is expected to close on or about July 31, 2020 or such other date as the Company may determine. The Offering is conditional upon receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws. The following \"insiders\" of the Company intend to subscribe for the following Units: Insider Category Number of Units Subscription Amount Osisko Gold Royalties Ltd 10% Security Holder 1,250,000 $500,000 Robert Wares 10% Security Holder; CEO and Director 1,250,000 $500,000 Osisko Mining Inc. is also intends to subscribe for 1,250,000 Units as part of the Offering, representing a subscription amount of $500,000. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"1933 Act\") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (a...