TORONTO, ONTARIO--(Marketwired - Feb. 21, 2017) - Osisko Mining Inc. (TSX:OSK) (the "Corporation") announces that it has filed an early warning report in respect of its holdings in Beaufield Resources Inc. ("Beaufield"). On February 21, 2017, the Corporation, through its wholly-owned subsidiary O3 Investments Inc., acquired beneficial ownership of, or control and direction over, 31,700,000 common shares of Beaufield (collectively, the "Purchased Shares" and each, a "Purchased Share") by way of a brokered private placement of Beaufield at a price of $0.10 per Purchased Share for total consideration of $3,170,000.
Immediately prior to the acquisition of the Purchased Shares, neither the Corporation nor its wholly-owned subsidiary, O3 Investments Inc., had beneficial ownership of, or control and direction over, any common shares of Beaufield. Immediately following the acquisition of the Purchased Shares, the Corporation, through its wholly-owned subsidiary O3 Investments Inc., acquired beneficial ownership of, or control and direction over, 31,700,000 common shares of Beaufield, representing approximately 16.4% of the number of issued and outstanding common shares of the Beaufield (being 193,065,519 common shares).
The Corporation, through its wholly-owned subsidiary O3 Investments Inc., acquired the Purchased Shares for investment purposes. The Corporation has no current intention of increasing its ownership of, or control or direction over, additional securities of Beaufield. 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 February 21, 2017. The early warning report respecting this transaction has been filed on System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com under Beaufield'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 Beaufield's issuer profile.
The Corporation's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.