Osisko Mining Inc.
TSX : OSK

Osisko Mining Inc.

November 02, 2016 18:37 ET

Osisko Mining Inc. Decrease Equity Interest in IDM Mining Ltd.

TORONTO, ONTARIO--(Marketwired - Nov. 2, 2016) - Osisko Mining Inc. (TSX:OSK) (the "Corporation") announces that, through a series of trades ending on November 2, 2016, it has disposed of an aggregate of 3,134,500 common shares of IDM Mining Ltd. ("IDM Mining") through the facilities of the TSX Venture Exchange at an average price of approximately $0.1803 per share for total consideration of $565,058.00 (the "Transactions"). Based on information contained in documents publically filed by IDM Mining, the Corporation has beneficial ownership of, or control or direction over, less than 10% of the total issued and outstanding common shares of IDM Mining. Accordingly, the Corporation will no longer file insider reports in respect of its ownership of securities of IDM Mining (except as may be required by applicable law).

Before giving effect to the Transactions, the Corporation had beneficial ownership of, or control or direction over, directly or indirectly, an aggregate of 24,711,944 common shares of IDM Mining, representing approximately 8.9% of the issued and outstanding common shares of IDM Mining on a non-diluted basis, and approximately 11.1% of the issued and outstanding common shares of IDM Mining on a partially-diluted basis (assuming the exercise in full of the 6,972,222 common share purchase warrants of IDM Mining held by the Corporation). After giving effect to the Transactions, the Corporation had beneficial ownership of, or control or direction over, directly or indirectly, an aggregate of 21,577,444 common shares of IDM Mining, representing approximately 7.7% of the issued and outstanding common shares of IDM Mining on a non-diluted basis, and approximately 9.7% of the issued and outstanding common shares of IDM Mining on a partially-diluted basis (assuming the exercise in full of the 6,972,222 common share purchase warrants of IDM Mining 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. The Corporation, after reviewing market and other conditions, decreased its holdings in IDM Mining pursuant to Transactions.

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 November 2, 2016. The early warning report respecting the Transactions has been filed on System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com under IDM Mining'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 IDM Mining's issuer profile.

The Corporation's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7. The Corporation is a mineral exploration company existing under the laws of Ontario and focused on the acquisition, exploration, and development of precious metal resource properties in Canada. IDM Mining's head office address is located at 409 Granville Street, Suite 1500, Vancouver, British Columbia, Canada, V6C 1T2.

Contact Information

  • Osisko Mining Inc.
    John Burzynski
    President & Chief Executive Officer
    (416) 363-8653