NEW BRUNSWICK – Just weeks after Bowmore Exploration became Osisko Metals, the base metal arm of the famed gold miner has put close to $30 million into its treasury. The company recently acquired the Mount Fronsac zinc-lead property 40 km west of Bathurst.
Osisko Metals has closed a bought deal private placement of $17.25 million and a concurrent non-brokered private placement of approximately $11.5 million. The bought deal consisted of 21.56 million units at a price of $0.80 per unit (one share and one-half of a share purchase warrant). The non-brokered portion consisted 3.88 million flow-through shares issued at a price of $0.90 each.
The company now holds more than 40,000 ha covering 12 grassroots properties in the Bathurst Mining Camp. The objective is to find and develop several deposits that would feed a central mill.
The Osisko Metals website is at www.OsiskoMetals.com.