TORONTO, Dec. 03, 2025 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the "Company" or "Osisko Metals") (TSX:OM, OTCQX:OMZNF, FRANKFURT: OB51)) is pleased to announce that it expects to complete a non-brokered private placement with certain strategic investors for an aggregate of approximately 67,666,666 common shares of the Company (the "Common Shares") at an offering price of $0.48 per Common Share for aggregate gross proceeds to the Company of approximately $32,480,000 (the "Private Placement").
The Private Placement is expected to include subscriptions from certain strategic investors, including:
Hudbay Minerals Inc.: 29,166,666 Common Shares for gross proceeds of $14,000,000;
Agnico Eagle Mines Limited: has indicated that it intends to subscribe for 26,000,000 Common Shares for gross proceeds of $12,480,000 pursuant to an existing participation right;
Franco-Nevada Corporation: 4,166,667 Common Shares for gross proceeds of $2,000,000; and
A strategic institutional investor: 8,333,333 Common Shares for gross proceeds of $4,000,000.
The size of the Private Placement will depend on, among other things, certain contractual participation rights granted by the Company to Glencore Canada Corporation (the "Glencore Participation Right").
Osisko Metals CEO Robert Wares commented: "We are pleased to welcome Hudbay Minerals as a new significant shareholder of Osisko Metals. We also appreciate the continued participation of Agnico Eagle and two of our existing principal and strategic shareholders. We view the participation in the private placement by these investors as support for the potential of the Gaspé Copper project and we look forward to continued support from these shareholders as we advance our project."
After giving effect to the Private Placement, but before giving effect to any other issuance of Common Shares (including pursuant to the Glencore Participation Right): (i) Hudbay Minerals Inc. ("Hudbay") is expected to beneficially own or control 29,166,666 Common Shares, representing approximately 4.3% of the issued and outstanding Common Shares, calculated on a non-diluted basis; and (ii) Agnico Eagle Mines Limited ("Agnico") is expected to beneficially own or control 87,815,000 Common Shares, representing an ownership interest in the Company equal to approximately 12.5% (calculated on a partially-diluted basis). As part of the Private Placement, the Company and Hudbay have agreed to enter into an investor rights agreement, pursuant to which Hudbay will be granted certain rights, including top-up rights and the right to participate in future offerings of securities of the Company upon Hudbay's ownership interest increasing to 9.9% and, subject to certain minimum ownership thresholds and other conditions, the right to board representation.
The net proceeds of the Private Placement are expected to be used to advance the Company's Gaspé Copper project (including drilling, ...
