RE:RE:RE:Flow-through financing ? Can anyone guess at why a exploration company with $140M cash and marketable securities do a $13.55 million flow-through private placement financing ?
There has to be a reason, something we are not seeing as to why Osisko is doing a flow-through financing before year end ?
Integra has $44 million in cash and may do a $15 million flow-through before year end ? IMHO
Osisko is a well managed Quebec based exploration company !
M2
PS;
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Osisko Mining increases private placement to $13.55M
2016-11-21 16:05 ET - News Release
Mr. John Burzynski reports
OSISKO MINING INCREASES PRIVATE PLACEMENT FINANCING OF FLOW-THROUGH SHARES TO $13.55 MILLION
Osisko Mining Inc. has entered into an amended engagement letter dated Nov. 21, 2016, with Dundee Securities Ltd. to increase the size of its previously announced best efforts private placement. Under the terms of the amended engagement letter, the agent has now agreed to offer for sale, on a best efforts private placement basis, up to 4,302,136 flow-through common shares of the corporation at a price of $3.15 per flow-through share, for total gross proceeds of up to approximately $13.55-million.
The gross proceeds of the offering will be used to finance 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 Quebec, and the corporation has agreed to renounce such Canadian exploration expenses, effective no later than Dec. 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 Quebec.
The closing of the offering is expected to occur on or about Dec. 13, 2016, and is subject to the completion of definitive 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.