Osisko Closes C$125 Million Financing
November 15 2007 - 10:00AM
Marketwired
MONTREAL, QUEBEC (FRANKFURT: EWX) is pleased to announce that it
has closed its previously announced brokered private placement with
a syndicate of underwriters led by Westwind Partners Inc. and
including National Bank Financial Inc., RBC Capital Markets, BMO
Capital Markets, Paradigm Capital Inc. and PI Financial Corp. (the
"Underwriters"). Osisko issued a total of 19,250,000 Special
Warrants at a price of C$6.50 per Special Warrant, for aggregate
gross proceeds of C$125,125,000.
Each special warrant shall be automatically exercised for no
additional consideration to acquire one unit in the capital of the
Company, subject to adjustment in certain events, at 5:00pm
(Toronto time) on the earliest of (a) the third business day after
the date that a receipt is issued by the securities regulatory
authorities in a jurisdiction of Canada for the Final Prospectus
qualifying the units to be issued upon the exercise of the special
warrants and (b) the date that is four months and one day following
the closing date. Each unit will consist of one common share and
one half of one common share purchase warrant. Each whole warrant
will entitle the holder to purchase one additional common share of
the Company at a price of C$7.90 for 24 months following completion
of the offering. Osisko will use the net proceeds of this financing
to fund the exploration and development of the Canadian Malartic
gold project.
Sean Roosen, President and CEO of Osisko, stated: "We are
extremely pleased with the support that we have received during
this financing and would like to thank all involved for their hard
work. As a result of this support, our Company will have a very
strong balance sheet with more than $200 million in cash resources,
placing us in an excellent position to develop the Canadian
Malartic gold project".
The securities being offered have not, nor will they be
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons absent U.S.
registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of
securities in the United States.
All statements other than statements of historical fact included
herein, including, without limitation, statements regarding future
plans and objectives of the company, are forward-looking statements
that involve various risks, assumptions, estimates and
uncertainties. These forward-looking statements reflect the current
internal projections, expectations or beliefs of the Company and
are based on information currently available to the Company. There
can be no assurance that such forward-looking statements will prove
to be accurate, and actual results and future events could differ
materially from those anticipated in such statements. The Toronto
Stock Exchange does not accept responsibility for the adequacy or
accuracy of this release.
Contacts: Osisko Exploration Ltd. John Burzynski Vice-President
Corporate Development 514-735-7131 www.osisko.com Investor
Relations Daniel Boase 416-742-5600 Toll Free: 1-866-580-8891
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