Osisko Announces TSX Approval of Normal Course Issuer Bid TORONTO, ONTARIO--(Marketwired - Dec. 21, 2017) - 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 15,204,587 of its common shares ("Common Shares") from time to time in accordance with the normal course issuer bid procedures of the TSX. Any repurchases under the NCIB Program will be made in Canada through the facilities of the TSX.
Repurchases under the NCIB Program may commence on December 29, 2017 and will terminate on December 28, 2018 or on such earlier date as the NCIB Program is complete. Purchases of Common Shares under the NCIB Program will be made in Canada through the facilities of the TSX in accordance with its rules. Daily purchases will be limited to 162,895 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, 2017, being 651,581 Common Shares.
The price that the Corporation may pay for any Common Shares purchased under the NCIB Program will be the prevailing market price at the time of purchase and any Common Shares purchased by the Corporation will be cancelled. 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, 2017, there were 207,586,907 Common Shares issued and outstanding. The 15,204,587 Common Shares that may be repurchased under the NCIB Program represent approximately 10% of the public float of the Corporation as of December 18, 2017, being 152,045,876 Common Shares.
Osisko has appointed BMO Nesbitt Burns Inc. to make any purchases under the NCIB Program on its behalf.
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