By Devika Patel
Knoxville, Tenn., May 12 - Osisko Exploration Ltd. said it obtained a C$20 million debt financing from Solidarity Fund QFL.
The seven-year financing facility bears interest at 9½% annually, payable in shares or cash prior to commercial production and in cash thereafter.
Principal will be repaid in a minimum of 48 equal installments beginning on the earlier of commercial production of the Canadian Malartic Project or three years from closing.
Solidarity also received 1.1 million warrants, exercisable at C$7.46 for five years.
Osisko is a Toronto-based resource exploration company.
| Issuer: | Osisko Exploration Ltd.
|
| Issue: | Debt financing
|
| Amount: | C$20 million
|
| Maturity: | Seven years
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Warrants: | 1.1 million
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$7.46
|
| Investor: | Solidarity Fund QFL
|
| Settlement date: | May 12
|
| Stock symbol: | Toronto: OSK
|
| Stock price: | C$4.21 at close May 9
|
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