Osisko Mining Inc.
TSX : OSK

Osisko Mining Inc.

October 18, 2016 16:45 ET

Osisko Mining Inc. Ceases to Be Insider of BonTerra Resources Inc.

TORONTO, ONTARIO--(Marketwired - Oct. 18, 2016) - Osisko Mining Inc. (TSX:OSK) (the "Corporation") announces that it has ceased to be an insider of BonTerra Resources Inc. ("BonTerra"). On August 22, 2016, BonTerra announced the closing of a private placement (the "Private Placement") of (i) 4,173,572 units of BonTerra (each a "BTR Unit"), with each BTR Unit consisting of one common share of BonTerra and one non-transferrable common share purchase warrant of BonTerra, and (ii) 775,000 flow-through common shares of BonTerra. The Corporation did not participate in the Private Placement and, since the prior early warning report filed by the Corporation in respect of BonTerra under National Instrument 62-103 - The Early Warning System and Related take-Over Bid and Insider Reporting Issues, the Corporation has disposed of an aggregate of 1,565,500 common shares of BonTerra through a series of dispositions through the facilities of the TSX Venture Exchange (the "Dispositions") from August 26, 2016 to September 22, 2016. Accordingly, after giving effect to the Private Placement and the Dispositions, the holdings of the Corporation decreased to less than 10% of the issued and outstanding common shares of BonTerra on a partially-diluted basis.

Immediately prior to the Private Placement and the Dispositions, the Corporation had beneficial ownership of or control over, directly or indirectly, an aggregate of (i) 7,899,404 common shares of BonTerra, representing approximately 9.4% of the issued and outstanding common shares of BonTerra on a non-diluted basis, and approximately 10.9% of the issued and outstanding common shares of BonTerra on a partially-diluted basis (assuming the exercise in full of the 1,500,000 common share purchase warrants of BonTerra held by the Corporation). Immediately after the Private Placement and the Dispositions, the Corporation had beneficial ownership of or control over, directly or indirectly, an aggregate of (i) 6,433,904 common shares of BonTerra, representing approximately 7.2% of the issued and outstanding common shares of BonTerra on a non-diluted basis, and approximately 8.7% of the issued and outstanding common shares of BonTerra on a partially-diluted basis (assuming the exercise in full of the 1,500,000 common share purchase warrants of BonTerra held by the Corporation).

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 October 18, 2016. The early warning report respecting the occurrence giving rise to this filing has been filed on System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com under BonTerra'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 the SEDAR at www.sedar.com under BonTerra's issuer profile.

Contact Information

  • John Burzynski
    President & Chief Executive Officer
    (416) 363-8653