Osisko to Proceed With Independent Development of Windfall Project
17 Februar 2022 - 4:01AM
Osisko Mining Inc. (TSX:OSK) ("
Osisko") provides
the update today, that further to its announcement of November 30,
2021, Osisko and Northern Star Resources Limited ("
Northern
Star") have agreed to terminate joint venture negotiations
with respect to Osisko's Windfall Project.
Osisko has determined that development of the
Windfall Project on an independent basis would be optimal for the
shareholders of Osisko. While joint venture negotiations have
concluded, Osisko maintains a mutually beneficial relationship with
Northern Star as an important debt holder through its $154 million
in a convertible senior unsecured debenture due December 1, 2025
(the "Debentures") with interest at a rate of
4.75% per annum.
The exclusivity period for negotiation of the
joint venture and associated special rights of conversion into a
joint venture interest under certain circumstances expire on March
1, 2022.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused
on the acquisition, exploration, and development of precious metal
resource properties in Canada. Osisko holds a 100% interest in the
high-grade Windfall gold deposit located between Val-d'Or and
Chibougamau in Québec and holds a 100% undivided interest in a
large area of claims in the surrounding the Urban Barry area and
nearby Quévillon area (over 2,500 square kilometres).
Cautionary Note Regarding Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward-looking information in this news release
includes, but is not limited to, the use of proceeds from the sale
of Debentures; the ability of Osisko to complete the negotiation
and enter into the earn-in and joint venture agreement on terms
acceptable to it; the ability of Osisko to fund the repayment of
the Debentures; objectives, goals or future plans; statements
regarding exploration results and exploration plans. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
successful negotiation of documents; capital and operating costs
varying significantly from estimates; the preliminary nature of
metallurgical test results; delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals; uncertainties relating to the availability and costs of
financing needed in the future; changes in equity markets;
inflation; fluctuations in commodity prices; delays in the
development of projects; the other risks involved in the mineral
exploration and development industry; and those risks set out in
Osisko's public disclosure record on SEDAR (www.sedar.com) under
Osisko's issuer profile. Although Osisko believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all.
Osisko disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
For further information on Osisko please contact:
John BurzynskiChairman & Chief Executive
OfficerTelephone: (416) 363-8653
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