Osisko Mining Inc.
TSX : OSK

Osisko Mining Inc.

July 22, 2016 07:57 ET

Osisko Mining Inc. Decrease Equity Interest in Metals Creek Resources Corp.

TORONTO, ONTARIO--(Marketwired - July 22, 2016) - Osisko Mining Inc. (TSX:OSK) (the "Corporation") announces that it has disposed of an aggregate of 1,295,000 common shares of Metals Creek Resources Corp. ("Metals Creek") at an average price of approximately $0.1034 per share for total consideration of $133,891.50 (the "Transaction").

Immediately prior to the Transaction, the Corporation had beneficial ownership and control of an aggregate of 4,930,000 common shares of Metals Creek, representing approximately 15.8% of the issued and outstanding common shares of Metals Creek on a non-diluted basis. After giving effect to the Transaction, the Corporation now owns or controls, directly or indirectly, an aggregate of 3,635,000 common shares of Metals Creek, representing approximately 11.6% of the issued and outstanding common shares of Metals Creek on a non-diluted basis.

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 pursuant to the Transaction. The Corporation has no current intention of increasing its ownership of, or control or direction over, additional securities of Metals Creek.

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 July 21, 2016. The early warning report respecting the Transaction has been filed on System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com under Metals Creek'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 Metals Creek'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