TORONTO, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (OSK.TO) (the "Corporation") announces that it has filed an early warning report in respect of its holdings in O3 Mining Inc. ("O3 Mining"). Earlier today, the Corporation disposed of 6,200,000 common shares of O3 Mining (the "O3 Shares") through the facilities of the TSX Venture Exchange at a price of $2.35 per O3 Share for aggregate gross proceeds of $14,570,000 (the "Disposition").
Immediately prior to the Disposition, the Corporation had beneficial ownership of, or control and direction over, 24,977,898 O3 Shares, representing approximately 53.2% of the number of issued and outstanding O3 Shares (being 46,927,215 O3 Shares). Immediately following the Disposition, the Corporation had beneficial ownership of, or control and direction over, 18,777,898 O3 Shares, representing approximately 40.0% of the issued and outstanding O3 Shares on a basic basis (based on there being 46,927,215 O3 Shares issued and outstanding as of the date hereof).
The Corporation disposed of 6,200,000 O3 Shares in order to monetize a portion of its investment in O3 Mining. On January 28, 2020, the Corporation filed a "Notice of Intention to Distribute Securities" under Section 2.8 of National Instrument 45-102 – Resale of Securities. The Corporation intends to review, on a continuous basis, various factors related to its investment in O3 Mining, and may decide to purchase or dispose of additional securities of O3 Mining 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 7, 2020. The early warning report respecting the Disposition has been filed on SEDAR (www.sedar.com) under O3 Mining'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 SEDAR (www.sedar.com) under O3 Mining's issuer profile.
For further information on the Corporation please contact:
President & Chief Executive Officer
Telephone: (416) 363-8653
The Corporation's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.