Osisko Mining Corporation
TSX : OSK
FRANKFURT : EWX

Osisko Mining Corporation

November 15, 2007 10:00 ET

Osisko Closes C$125 Million Financing

MONTREAL, QUEBEC--(Marketwire - Nov. 15, 2007) - THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Osisko Exploration Ltd. (TSX VENTURE:OSK)(FRANKFURT:EWX) is pleased to announce that it has closed its previously announced brokered private placement with a syndicate of underwriters led by Westwind Partners Inc. and including National Bank Financial Inc., RBC Capital Markets, BMO Capital Markets, Paradigm Capital Inc. and PI Financial Corp. (the "Underwriters"). Osisko issued a total of 19,250,000 Special Warrants at a price of C$6.50 per Special Warrant, for aggregate gross proceeds of C$125,125,000.

Each special warrant shall be automatically exercised for no additional consideration to acquire one unit in the capital of the Company, subject to adjustment in certain events, at 5:00pm (Toronto time) on the earliest of (a) the third business day after the date that a receipt is issued by the securities regulatory authorities in a jurisdiction of Canada for the Final Prospectus qualifying the units to be issued upon the exercise of the special warrants and (b) the date that is four months and one day following the closing date. Each unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of C$7.90 for 24 months following completion of the offering. Osisko will use the net proceeds of this financing to fund the exploration and development of the Canadian Malartic gold project.

Sean Roosen, President and CEO of Osisko, stated: "We are extremely pleased with the support that we have received during this financing and would like to thank all involved for their hard work. As a result of this support, our Company will have a very strong balance sheet with more than $200 million in cash resources, placing us in an excellent position to develop the Canadian Malartic gold project".

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

All statements other than statements of historical fact included herein, including, without limitation, statements regarding future plans and objectives of the company, are forward-looking statements that involve various risks, assumptions, estimates and uncertainties. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company and are based on information currently available to the Company. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Osisko Exploration Ltd.
    John Burzynski
    Vice-President Corporate Development
    514-735-7131
    www.osisko.com
    or
    Investor Relations
    Daniel Boase
    416-742-5600
    Toll Free: 1-866-580-8891