Osisko Metals Incorporated V.OM

Osisko Metals Announces Signing of an Option Agreement

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MONTREAL, March 28, 2022 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that it signed, on March 25 2022, a binding term sheet with Glencore Canada Corporation (“Glencore” and collectively the “Parties”), providing Osisko Metals with an option (the “Option”) to acquire a 100% interest in the past-producing Gasp Copper Mine (“Gasp Copper”) located near Murdochville, Qubec for an up-front payment of US$25 million, to be paid by Osisko Metals by way of a convertible note issued to Glencore upon the successful closing of the transaction, and a cash payment of US$20 million, payable upon start of commercial production. The Company must also incur drilling costs of C$5 million before June 30, 2022, to test oxidation levels within the mineralization that surrounds the historical Mount Copper open pit deposit.
 

Osisko Metals Announces Signing of an Option Agreement to Acquire Gasp Copper Mine From Glencore Canada