QUEBEC – Osisko Mining of Montreal has closed a bought deal private placement that raised more than $32.3 million. The company sold 11.75 million common shares at a price of $2.75 each to a syndicate of underwriters led by BMO Capital Markets. The underwriters have also been granted an option for an additional 1.75 million shares.
Osisko says it will use the bulk of the net proceeds to continue exploration at its Windfall Lake gold project 100 km east of Lebel-Sur-Quevillon. The company holds a 100% interest in the project and plans to make it the focus of most of its work for the near future.
Windfall occurs within the Urban-Barry greenstone belt in the eastern part of the Abitibi Subprovince. The most promising mineralization has been found in the Main zone occurring in several lenses between 2 and 35 metres thick. No resource estimate has yet been made.
A detailed presentation about Windfall Lake is available at www.OsiskoMining.com/_resources/presentations/Windfall-Site-Visit-Final-Aug16_2016.pdf.