Business
Osisko Metals Announces C$5 Million Private Placement of Flow-Through Shares
MONTREAL, April 09, 2021 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the "Company" or "Osisko Metals") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased
About this update from Osisko Metals Incorporated
[{"type":"text","content":" MONTREAL, April 09, 2021 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the \"Company\" or \"Osisko Metals\") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (\"Haywood\"), as sole agent and bookrunner, in connection with a \"best efforts\" private placement of up to 10,000,000 common shares of the Corporation that will qualify as \"flow-through shares\" (within the meaning of subsection 66 (15) of the Income Tax Act (Canada)) (\"Flow-Through Shares\"), at a price of C$0.50 per Flow-Through Share (the \"Issue Price\"), for gross proceeds of up to C$5,000,000 (the \"Offering\"). In addition, Haywood has been granted an option to sell up to an additional 2,000,000 Flow-Through Shares at the Issue Price for additional gross proceeds of up to C$1,000,000, exercisable at any time by Haywood up to 48 hours prior to closing of the Offering. The gross proceeds from the Offering will be used by the Corporation to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" (as such terms are defined in the Income Tax Act (Canada)) (the \"Qualifying Expenditures\") related to the Corporation's Pine Point Zinc Project, located in the Northwest Territories. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2021. The Offering is expected to close on or about April 29, 2021 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The Offering is being made by way of private placement in Canada. The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering. In consideration for its services, Haywood will receive a cash commission equal to 6.0% of the gross proceeds of the Offering. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the ...