Business
Osisko Metals Announces Successful Closing of Previously-Announced Acquisition of the Gaspé Copper Project
MONTREAL, July 17, 2023 (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, July 17, 2023 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the \"Company\" or \"Osisko Metals\") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that, further to its news release dated July 11, 2022 (entitled \"Osisko Metals Exercises Option to Acquire Gaspé Copper Project\"), it has completed the acquisition (the \"Transaction\") of a 100% interest in the past-producing Gaspé Copper Mine (\"Gaspé Copper\") pursuant to a purchase agreement dated July 8, 2022 between the Company and Glencore Canada Corporation, a wholly-owned subsidiary of Glencore plc (\"Glencore\"). Robert Wares, Chairman & CEO of Osisko Metals, commented: \"The acquisition of the Gaspé Copper Project is a milestone for the Company that provides shareholders with significant copper exposure in the mining-friendly province of Québec. Last year's excellent drill results at Gaspé support our belief in the high-value potential of this asset and we are convinced that the acquisition of Gaspé Copper, together with our ongoing development of our joint-ventured Pine-Point project, positions Osisko Metals as a premier base metal development company in Canada. I wish to thank both the Osisko Metals and Glencore teams, as well as all stakeholders, for their diligence and perseverance in completing this complex transaction that will no doubt benefit all parties and shareholders.\" In connection with the Transaction: Glencore was issued a US$25.0 million senior secured convertible note (the \"Convertible Note\") of the Company which is convertible into units of Osisko Metals at a price of $0.40 per unit (each, a \"Unit\"), comprised of one common share of the Company (each, a \"Common Share\") and one-half Common Share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant will be exercisable by Glencore at an exercise price of $0.46 per Common Share until July 14, 2026.The Convertible Note will bear interest at a rate equal to the Secured Overnight Financing Rate (SOFR) + 4%, payable annually and, subject to adjustment or acceleration in certain circumstances, all outstanding principal and interest under the Convertible Note will be repaid in full by July 14, 2026. The Convertible Note will be secured against all of the present and after acquired property of the Company. Upon full conversion of the Convertible ...