Osisko Mining Inc. (TSX:OSK) (the "
Corporation" or
"
Osisko") today announces that the Toronto Stock
Exchange (the “
TSX”) has approved the
Corporation’s notice of intention to make a normal course issuer
bid (the “
NCIB Program”). Under the terms of the
NCIB Program, Osisko may acquire up to 28,304,260 of its common
shares (“
Common Shares”) from time to time in
accordance with the normal course issuer bid procedures of the TSX.
The normal course issuer bid will be conducted
through the facilities of the TSX or alternative trading systems,
if eligible, and will conform to their regulations. Purchases under
the normal course issuer bid will be made by means of open market
transactions or such other means as a securities regulatory
authority may permit, including pre-arranged crosses, exempt offers
and private agreements under an issuer bid exemption order issued
by a securities regulatory authority.
Repurchases under the NCIB Program may commence
on January 2, 2021 and will terminate on January 1, 2022 or on such
earlier date as the NCIB Program is complete. Daily purchases will
be limited to 357,614 Common Shares, other than block purchase
exemptions, representing 25% of the average daily trading volume of
the Common Shares on the TSX for the six-month period ending
November 30, 2020, being 1,430,456 Common Shares.
The price that the Corporation may pay for any
Common Shares purchased in the open market under the NCIB Program
will be the prevailing market price at the time of purchase (plus
any brokerage fees) and any Common Shares purchased by the
Corporation will be cancelled. In the event that the Corporation
purchases Common Shares by pre-arranged crosses, exempt offers,
block purchases or private agreements, the purchase price of the
Common Shares may be, and will be in the case of purchases by
private agreements, as may be permitted by the securities
regulatory authority, at a discount to the market price of the
Common Shares at the time of acquisition.
The board of directors of Osisko believes that
the underlying value of the Corporation may not be reflected in the
market price of the Common Shares from time to time and that,
accordingly, the purchase of Common Shares will increase the
proportionate interest in the Corporation of, and be advantageous
to, all remaining shareholders of the Corporation.
As of December 18, 2020, there were 344,207,806
Common Shares issued and outstanding. The 28,304,260 Common Shares
that may be repurchased under the NCIB Program represent
approximately 10% of the public float of the Corporation as of
December 18, 2020, being 283,042,606 Common Shares.
During the prior NCIB Program of the
Corporation, which will end on January 1, 2021, the Corporation
obtained approval to purchase 18,399,423 Common Shares, and
actually purchased 428,500 Common Shares at a weighted average
price of approximately $2.05 per Common Share through the
facilities of the TSX.
Osisko has appointed BMO Nesbitt Burns Inc. to
make any purchases under the NCIB Program on its behalf.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused
on the acquisition, exploration, and development of precious metal
resource properties in Canada. Osisko holds a 100% interest in the
high-grade Windfall 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 (over 2,700 square kilometers).
Forward-looking statements
This press release contains forward-looking
statements. These forward-looking statements, by their nature,
require the Corporation to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in these forward-looking statements. Words such as "may", "will",
"would", "could", "expect", "believe", "plan", "anticipate",
"intend", "estimate", "continue", or the negative or comparable
terminology, as well as terms usually used in the future and the
conditional, are intended to identify forward-looking statements
including the fact that the Corporation "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects",
"potential", "scheduled" and similar expressions or variations
(including negative variations), or that events or conditions
"will", "would", "may", "could" or "should" occur including,
without limitation, statements about the board of directors of
Osisko's belief that the NCIB Program is advantageous to
shareholders and that underlying value of the Corporation may not
be reflected in the market price of the Common Shares, the
Corporation's intentions regarding the NCIB Program and whether the
Corporation will receive the requisite acceptance of the TSX in
respect of the NCIB Program. Although Osisko believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements involve known and
unknown risks, uncertainties and other factors and are not
guarantees of future performance and actual results may accordingly
differ materially from those in forward looking statements. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include, without limitation:
fluctuations in the prices of the commodities; fluctuations in the
value of the Canadian dollar relative to the U.S. dollar;
regulatory changes by national and local government, including
corporate law, permitting and licensing regimes and taxation
policies; continued availability of capital and financing and
general economic, market or business conditions; business
opportunities that become available to, or are pursued by Osisko;
other uninsured risks. The forward looking statements contained in
this press release are based upon assumptions management believes
to be reasonable, including, without limitation: the ability of
exploration activities (including drill results) to accurately
predict mineralization; errors in management's geological
modelling; the ability of Osisko to complete further exploration
activities, including drilling; property interests in the Windfall
Lake gold project; the ability of the Corporation to obtain
required approvals and complete transactions on terms announced;
the results of exploration activities; risks relating to mining
activities; the global economic climate; metal prices; dilution;
environmental risks; and community and non-governmental actions.
Although the forward-looking information contained in this news
release is based upon what management believes, or believed at the
time, to be reasonable assumptions. Osisko cannot assure
shareholders and prospective purchasers of securities of the
Corporation that actual results will be consistent with such
forward-looking information, as there may be other factors that
cause results not to be as anticipated, estimated or intended, and
neither Osisko nor any other person assumes responsibility for the
accuracy and completeness of any such forward-looking information,
Osisko does not undertake, and assumes no obligation, to update or
revise any such forward-looking statements or forward-looking
information contained herein to reflect new events or
circumstances, except as may be required by law.
For further information, please contact
Osisko Mining Inc.:
John BurzynskiChairman and Chief Executive
OfficerTelephone: (416) 363-8653
Osisko Mining (TSX:OSK)
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