CAPITAL MARKETS

Windfall for Osisko Mining

Quebec-focused gold explorer Osisko Mining (TSX: OSK) announced two bought deal placements within hours yesterday, designed to raise a total of C$40 million (US$30.6 million).

Staff reporter
Quebec explorer Osisko Mining announces two bought deal placements within hours

Quebec explorer Osisko Mining announces two bought deal placements within hours

It first announced a bought deal placement of flow-through shares at $5.67 to raise $30 million (US$23 million), with a syndicate of underwriters led by Canaccord Genuity Corp.

Hours later, it announced a further $10 million (US$7.6 million) raising, at $3.15 per share, in an agreement with a syndicate of underwriters also led by Canaccord.

Osisko said proceeds from the second placement would be used for general working capital, while the first would be put towards exploration at its Quebec projects.

The underwriters were also granted the option to sell a further circa 800,000 flow-through shares which could raise an extra $4.5 million.

The company has an extensive exploration programme underway at its flagship Windfall Lake gold project, where recent bulk sampling delivered a higher head grade than expected.
 
Windfall Lake currently has an indicated 2.87 million tonne resource grading 8.17g/t and an inferred 10.35Mt at 7.11g/t.

Osisko recently honed its focus on Windfall, hiving off assets including the Garrison deposit in a reverse takeover of Chantrell Mining, with the new entity O3 Mining (TSXV: OIII) debuting on the TSX Venture Exchange on Tuesday.

Osisko Mining shares have been trending higher since a 52-week low of $1.60 in August.

They closed down 3.46% yesterday to $3.35 to capitalise it about $882 million (US$675 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.