TORONTO, ONTARIO--(Marketwired - May 19, 2017) - Osisko Mining Inc. (TSX:OSK) (the "Corporation") announces that it has filed an early warning report in respect of its holdings in Barkerville Gold Mines Ltd. ("Barkerville"). On May 18, 2017, the Corporation, through its wholly-owned subsidiary O3 Investments Inc., acquired beneficial ownership of, or control and direction over, 5,324,908 units of Barkerville (the "Units" or "Purchased Securities") by way of a non-brokered private placement with Barkerville (the "Private Placement"). Each Unit is comprised of one common share of Barkerville (each, a "Unit Share") and one-half of one common share purchase warrant of Barkerville (each whole warrant, a "Unit Warrant"), with each Unit Warrant entitling the Corporation to purchase one additional common share of Barkerville (each, a "Common Share") at a price of $1.30 per share for a period of 18 months following the closing date of the Private Placement.
Immediately prior to the acquisition of the Purchased Securities, the Corporation, through its wholly-owned subsidiary O3 Investments Inc., had beneficial ownership of, or control and direction over, 54,678,362 Common Shares, representing approximately 16.3% of the number of Common Shares then issued and outstanding on a basic basis (being 335,784,144 Common Shares).
Immediately following the acquisition of the Purchased Securities, the Corporation, through its wholly-owned subsidiary O3 Investments Inc., had beneficial ownership of, or control and direction over, (i) 60,003,270 Common Shares, representing approximately 15.7% of the number of Common Shares issued and outstanding on a basic basis (being 382,303,634 Common Shares), and (ii) 2,662,454 Unit Warrants, representing together with the 60,003,270 Common Shares, approximately 16.4% of the number of Common Shares issued and outstanding on a partially-diluted basis (assuming only the exercise of the 2,662,454 Unit Warrants held by the Corporation).
The Corporation, through its wholly-owned subsidiary O3 Investments Inc., acquired the Purchased Securities for investment purposes, and to maintain its approximate pro-rata equity interest in Barkerville. The Corporation has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of Barkerville. The Corporation reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate.
This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated May 19, 2017. The early warning report respecting this transaction has been filed on System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com under Barkerville's issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact John Burzynski at (416) 363-8653 or refer to SEDAR at www.sedar.com under Barkerville's issuer profile.
The Corporation's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.
Contact Information:
John Burzynski
President & Chief Executive Officer
(416) 363-8653