NEWS MONTREAL, QUEBEC--(Marketwired - Nov. 18, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Osisko Mining Inc. (TSX:OSK) ("Osisko" or the "Corporation") is pleased to announce that it has entered into an engagement letter with Dundee Securities Ltd. (the "Agent") under which the Agent has agreed to offer for sale, on a "best efforts" private placement basis, flow-through common shares of the Corporation ("Flow-Through Shares") at a price of $3.15 per Flow-Through Share (the "Offering Price"), for total gross proceeds of up to approximately $10 million (the "Offering").
The gross proceeds of the Offering will be used to fund "Canadian exploration expenses" (as defined in subsection 66.1(6) of the Income Tax Act (Canada)) related to Osisko's projects in the Province of Qubec, and the Corporation has agreed to renounce such "Canadian exploration expenses" effective no later than December 31, 2016. In addition, the Corporation has agreed and covenanted that all such "Canadian exploration expenses" will also qualify as "flow-through mining expenditures" (as defined in subsection 127(9) of the Income Tax Act (Canada)), where such expenditures will also qualify for the corresponding income tax credits and deductions under the laws of the Province of Qubec.
The closing of the Offering is expected to occur on or about December 13, 2016 and is subject to the completion of formal transaction documentation and the receipt of regulatory approvals, including the approval of the Toronto Stock Exchange. The Flow-Through Shares issued under this Offering will be subject to a statutory hold period ending four months and one day from the closing date of the Offering.
The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawf
Read more at https://www.stockhouse.com/news/press-releases/2016/11/18/osisko-mining-announces-private-placement-of-up-to-10-million-of-flow-through#iroS7eoMfjScF8sd.99