Osisko Mining (TSX: OSK) plans to raise $60 million in a bought deal financing. A syndicate of underwriters led by Canaccord Genuity has agreed to purchase 11.22 million flow through shares at $5.35 per share, and has the option to sell an additional 1.87 million flow through shares at the same price for additional proceeds of $10 million.
The company will use the funds to explore its mining assets in Quebec, which include its flagship Windfall project, 200 km northeast of Val-d’Or; the Urban Barry project, 100 km east of the municipality of Lebel-sur-Quevillon; and Quevillon, which surrounds the town of Lebel-sur-Quevillon.
The Windfall project has a resource of 4.13 million indicated tonnes grading 9.1 grams gold per tonne for 1.2 million oz. contained gold and 14.53 million inferred tonnes grading 8.4 grams gold for 3.94 million oz. of gold.
Its Quevillon project has a resource of 2.6 million inferred tonnes grading 6.13 grams gold for 510,000 gold ounces.
Over the last year, Osisko has traded in a range $1.67 and $4.85 per share and at press time was trading at $3.24. The company has about 344 million common shares outstanding for a $1.1 billion market capitalization.
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