By Devika Patel
Knoxville, Tenn., Nov. 15 - Osisko Exploration Ltd. announced that it has closed a C$125.13 million private placement of special warrants. The placement priced on Oct. 29 for C$75.08 million, with a C$50.05 million over-allotment option. The company said on Wednesday that the greenshoe was fully exercised.
The company sold 19.25 million special warrants at C$6.50 each. Of that total, 11.55 million warrants were part of the original deal and 7.7 million were from the greenshoe.
As previously reported, each special warrant will be exchangeable for one unit.
The special warrants will be exchanged upon the earliest of three business days after the underlying units are authorized and four months plus one day after settlement of the placement.
The units will each consist of one share and one half-share warrant, and each whole warrant will be exercisable at C$7.90 for two years.
Westwind Partners Inc. led the syndicate of underwriters.
Proceeds will be used for exploration and development.
Osisko is a Toronto-based resource exploration company.
| Issuer: | Osisko Exploration Ltd.
|
| Issue: | Special warrants exchangeable for units of one share and one half-share warrant
|
| Amount: | C$125,125,000
|
| Special warrants: | 19.25 million
|
| Price: | C$6.50
|
| Warrants: | One half-share warrant per unit upon exchange
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$7.90
|
| Underwriter: | Westwind Partners Inc. (lead)
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 15
|
| Stock symbol: | TSX Venture: OSK
|
| Stock price: | C$7.15 at close Oct. 29
|
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