Osisko Metals Announces Closing of $32.5 Million Private Placement With Strategic Investors

Core Viewpoint - Osisko Metals Incorporated has successfully completed a non-brokered private placement, raising approximately $32.48 million through the issuance of 67,666,666 common shares at $0.48 each, with strategic investments from Hudbay Minerals and Agnico Eagle Mines [1][2][4]. Group 1: Private Placement Details - The private placement resulted in Hudbay owning 29,166,666 common shares, equating to about 4.3% of the total shares on a non-diluted basis [2]. - Agnico Eagle Mines holds 67,210,000 common shares and 20,605,000 warrants, representing approximately 9.85% ownership on a non-diluted basis and 12.49% on a partially-diluted basis [2]. - The proceeds from the private placement will be utilized to advance the Gaspé Copper project and for general corporate purposes [4]. Group 2: Investor Rights Agreements - An investor rights agreement was established between the Company and Hudbay, granting Hudbay top-up rights and participation rights in future offerings once its ownership reaches 9.9% [3]. - The existing investor rights agreement with Agnico was amended to allow Agnico to increase its ownership interest to approximately 12.49% [3]. Group 3: Project Focus - The Gaspé Copper project, acquired from Glencore Canada in July 2023, is a key focus for the Company, with indicated mineral resources of 824 million tonnes at a grade of 0.34% CuEq and inferred resources of 670 million tonnes at 0.38% CuEq [6]. - The Company is also advancing the Pine Point project, which has indicated resources of 49.5 million tonnes at 5.52% ZnEq and inferred resources of 8.3 million tonnes at 5.64% ZnEq [8].