MONTREAL – Osisko Mining Inc
. (formerly Oban Mining Corp.) has closed the sale of 7.57 million flow-through shares to raise slightly more than $25 million. The price of $3.33 each represented a 45% premium to the closing price of Osisko common shares on June 24, 2016.
The proceeds of the offering will be used to fund Canadian exploration expenses related to the company’s projects in Ontario (Catharine) and Quebec (Urban Barry, Marban Block and Garrison).
Osisko’s 100% owned Windfall Lake gold project (part of the Urban Barry property) 200 km northeast of Val d’Or is its flagship. Resources have been estimated at 2.76 million indicated tonnes grading 8.42 g/t Au and 3.51 million inferred tonnes at 7.62 g/t. The numerous zones contain 748,000 oz of gold in the indicated category and 860,000 oz in the inferred category.
More information is available by calling Osisko president and CEO John Burzynski at 416-363-8653 or visit www.OsiskoMining.com