Osisko Metals Incorporated (TSXV: OM | OTCQX: OMZNF | FRANKFURT: OB51) has announced that it has closed its previously announced bought deal brokered private placement offering for aggregate gross proceeds of C$107.4M, including the partial exercise the option granted to the underwriters.
In connection with the offering, the company issued an aggregate of (i) 70,326,229 flow-through units of the company consisting of 64,215,117 FT units at an issue price of C$0.50 per FT unit, 6,111,112 FT units at an issue price of C$0.54 per FT unit for aggregate gross proceeds of C$35,407,558.98, and (ii) 277,051,466 units of the company at a price of C$0.26 per HD unit, for aggregate gross proceeds of C$72,033,381.16.
The company intends to use the net proceeds from the HD Units towards the advancement of company’s assets in Québec and the Northwest Territories, including the advancement of the Gaspé Copper project to a construction decision, and for general corporate purposes. The gross proceeds from the FT Units will be used by the company to incur eligible “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures” related to the company’s projects in Québec.
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