Osisko Metals Incorporated (TSXV: OM; OTCQX: OMZNF; Frankfurt: OB51) has closed its previously announced non-brokered private placement with four strategic investors, raising approximately C$32.48m through the issuance of 67,666,666 common shares at C$0.48 per share. The financing brings in Hudbay Minerals Inc., Agnico Eagle Mines Limited, Franco-Nevada Corporation, and Caisse de dépôt et placement du Québec (CDPQ) as key shareholders.
Under the placement, Hudbay subscribed for 29,166,666 shares (gross proceeds of C$14.0m), Agnico Eagle purchased 26,000,000 shares (C$12.48m), Franco-Nevada took 4,166,667 shares (C$2.0m), and CDPQ acquired 8,333,333 shares (C$4.0m). Following completion, Hudbay holds around 4.3% of Osisko Metals on a non-diluted basis, while Agnico Eagle’s interest stands at approximately 9.85% non-diluted and 12.49% on a partially diluted basis, reflecting its existing position and warrants.
Osisko Metals has entered into a new investor rights agreement with Hudbay, granting top-up participation and potential board representation once certain ownership thresholds are met, and has amended its existing investor rights agreement with Agnico Eagle to accommodate the increased stake. Net proceeds will be directed primarily to advancing the company’s flagship Gaspé Copper Project in Québec — including drilling, permitting, and technical studies — with remaining funds for general corporate purposes. The private placement remains subject to final approval from the Toronto Stock Exchange, and all shares issued carry a four-month-plus-one-day statutory hold period.
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