By Angela McDaniels
Seattle, Nov. 11 - Osisko Exploration Ltd. said it has arranged a non-brokered private placement for up to C$2.08 million.
The deal includes up to 3.32 million units at C$0.65 each.
Each unit consists of one common share and one half-share transferable purchase warrant. The warrants allow for the purchase of another share at C$0.85 each for two years.
EurAsia Holding AG of Germany, principal shareholder of Osisko, will subscribe to 1.55 million units, with the remaining units going to individual shareholders familiar.
Proceeds will be used to finance the company's Phase Four drill program on Osisko's Canadian Malartic gold deposit and for general corporate purposes.
On Oct. 19, Osisko announced a brokered sale of up to C$2.02 million units of stock and half-share warrants via Pacific International Securities Inc. The deal is made up of 3.1 million units at C$0.65 each plus two-year warrants exercisable at C$0.80.
Osisko is a gold-exploration company based in Montreal.
| Issuer: | Osisko Exploration Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | Up to C$2.08 million
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| Units: | Up to 3.32 million
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| Price: | C$0.65
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| Warrants: | One half-share transferable warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.85
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| Placement agent: | Non-brokered
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| Investors: | EurAsia Holding AG (for 1.55 million units) and individual shareholders
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| Pricing date: | Nov. 11
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| Stock price: | C$0.75 at close on Nov. 11
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