Osisko Mining Inc.

Osisko Mining Inc.

July 22, 2016 16:45 ET

Osisko Mining Inc. Files Early Warning Report In Respect of Bonterra Resources Inc.

TORONTO, ONTARIO--(Marketwired - July 22, 2016) - Osisko Mining Inc. (TSX:OSK) (the "Corporation") announces that it has filed an early warning report in respect of its holdings in BonTerra Resources Inc. ("BonTerra"). On, July 7, 2016, the Corporation acquired, by way of a private placement of BonTerra (the "Private Placement"), ownership and control over 1,500,000 units of BonTerra ("Units") at a price of $0.50 per Unit for total consideration of $750,000. Each Unit is comprised of one common share of BonTerra (a "BonTerra Share") and one common share purchase warrant of BonTerra (a "BonTerra Warrant"), with each BonTerra Warrant entitling the holder thereof to purchase one additional BonTerra Share at a price of $0.50 for a period of two years following the closing date of the Private Placement.

Immediately prior to the closing of the Private Placement, the Corporation had ownership or control, directly or indirectly, over an aggregate of 6,499,404 BonTerra Shares, representing approximately 9.2% of the number of BonTerra Shares outstanding as of the close of business on July 6, 2016, on a non-diluted basis. Immediately following the closing of the Private Placement, the Corporation had ownership or control, directly or indirectly, over an aggregate of 7,999,404 BonTerra Shares, representing approximately 9.5% of the number of BonTerra Shares outstanding as of the close of business on July 7, 2016, on a non-diluted basis, and approximately 11.1% of the number of BonTerra Shares outstanding as of the close of business on July 7, 2016, on a partially-diluted basis (assuming the exercise in full of the 1,500,000 BonTerra Warrants held by the Corporation).

The Corporation acquired the 1,500,000 BonTerra Shares and 1,500,000 BonTerra Warrants under the Private Placement for investment purposes. The Corporation has no current intention of increasing its ownership of, or control or direction over, additional securities of BonTerra. 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 July 22, 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 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.

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