Osisko Metals Incorporated (TSX: OM | OTCQX: OMZNF | FSE: OB51) has closed its previously announced bought‑deal private placement, raising C$15.0M through the issuance of 11,812,000 flow‑through shares priced at C$1.27 each. The financing was co‑led by Canaccord Genuity and BMO Capital Markets.
The gross proceeds will be used to fund eligible Canadian exploration expenses that qualify as flow‑through critical mineral mining expenditures under the Income Tax Act (Canada). Osisko Metals plans to incur these expenditures on its Canadian projects before 31 December 2027 and will renounce them to investors effective no later than 31 December 2026.
As part of a follow‑on transaction related to the offering, the company understands that existing strategic shareholders Agnico Eagle Mines Limited and Hudbay Minerals Inc., together with Rosseau Asset Management, have acquired all common shares issued under the financing at C$0.85 per share for a total of approximately C$10M.
The company said the funding supports its ongoing exploration activities across its Canadian critical minerals portfolio.
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