Osisko Metals Announces Increase in Bought Deal Private Placement to $11 Million

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[{"type":"text","content":" MONTRÉAL, May 19, 2022 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the \"Corporation\" or \"Osisko Metals\") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) is pleased to announce that it has entered into an amending agreement with Eight Capital on behalf of a syndicate of underwriters (collectively, the \"Underwriters\") who, as lead underwriter, has now agreed to purchase, on a \"bought deal\" private placement basis (the \"Offering\"): No less than 16,296,500 flow-through units of the Corporation (\"FT Units\") at a price of $0.54 per FT Unit (the \"FT Unit Issue Price\"), for gross proceeds of no less than $8.8 million, with each FT Unit comprised of (i) one common share of the Corporation that will qualify as \"flow-through shares\" (within the meaning of subsection 66 (15) of the Income Tax Act (Canada)) (\"FT Shares\"), and (ii) one-half-of-one common share purchase warrant of the Corporation (each whole warrant, a \"FT Warrant\"); and up to 4,400,000 FT Shares at a price of $0.50 per FT Share (the \"FT Share Issue Price\"), for gross proceeds of approximately $2.2 million. Each whole FT Warrant will entitle the holder thereof to purchase one common share of the Corporation at a price of $0.57 per share until the close of business on the date which is 60 months from the closing date of the Offering. The Corporation has also granted to the Underwriters an option, exercisable, in whole or in part, up to 48 hours prior to the closing of the Offering, to purchase up to an additional 2,440,000 FT Units at the FT Unit Issue Price and 660,000 FT shares at the FT Share Issue Price for additional gross proceeds of up to approximately $1.65 million. The gross proceeds from the Offering will be used by the Corporation to, directly or indirectly, 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\"). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2022. The Qualifying Expenditures may be incurred on projects held, directly or indirectly, by the Corporation and also in respect of the past-producing Gaspé copper mine located near Murdochville, Québec owned by Glencore Canada Corporation, which property is subject to an option ...

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