Osisko Mining Corporation

Osisko Mining Corporation

June 14, 2007 10:17 ET

Osisko Announces $25 Million Flow-Through Financing

MONTREAL, QUEBEC--(Marketwire - June 14, 2007) - Osisko Exploration Ltee. (TSX VENTURE:OSK)(FRANKFURT:EWX) is pleased to announce that it has entered into non-brokered financing agreements with two funds, certain accredited investors, insiders and employees to issue up to C$25,000,000 in flow-through shares. The private placement will consist of a maximum of 1,666,667 flow-through shares issued at a price of $15.00 per share.

Osisko will pay finders fees of 2.4% of the gross proceeds of the transaction. The private placement is expected to close on or about July 10th, 2007 and is subject to regulatory approvals. The securities issued under this private placement are subject to a four month hold period from the closing date.

Commenting on the transaction, Sean Roosen President an CEO of Osisko stated: "Due to the recent successes on the exploration front, Osisko now plans to aggressively pursue additional drilling on targets outside the main deposit area. This new financing will help us to increase the pace of activity on the exploration front while we continue towards our goal of establishing Osisko as a mid-tier Canadian gold producer."

The Canadian Malartic gold deposit and adjacent areas are being evaluated for a large-scale open pit, bulk-tonnage mining operation located in Malartic, Quebec. A preliminary NI 43-101 compliant, inferred gold resource estimate on the main deposit was released on December 6, 2006 and the full report is available on SEDAR.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Osisko Exploration
    John Burzynski
    Vice-President Corporate Development
    Osisko Exploration
    Daniel Boase
    Investor Relations
    Toll Free: 1-866-580-8891