Osisko Metals (TSX:OM) has closed a non-brokered private placement to raise C$24.98 million ($25.5 million) through flow-through common shares for exploration in Québec, Canada.
The placement comprises roughly 9.46 million issued at C$2.64 each, structured by Pear Tree Securities. Existing strategic investors Agnico Eagle Mines (NYSE:AEM) and Hudbay Minerals (TSX:HBM) acquired all the shares as part of a follow-on transaction. The shares closed at C$1.40 on 3 November.
Gross proceeds will fund Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures across the company’s Québec projects on or before 31 December 2027. Osisko will renounce the expenditures with an effective date no later than 31 December 2026.
The shares carry a four-month-and-one-day hold period, and the offering remains subject to final Toronto Stock Exchange approval.
The company acquired the past-producing Gaspé Copper Project in Québec in July 2023, where pit-constrained measured and indicated resources total 1.83 billion tonnes at 0.32% copper equivalent (CuEq), alongside an inferred resource of 239 million tonnes (Mt) at 0.46% CuEq.
Osisko is also advancing the Pine Point Zinc Project in the Northwest Territories in joint venture with Appian Capital Advisory, hosting indicated resources of 49.5Mt at 5.52% zinc equivalent (ZnEq) and inferred resources of 8.3Mt at 5.64% ZnEq.
Osisko Metals is a Canadian mineral explorer and developer focused on advancing critical mineral assets, with a focus on copper and zinc.
Write to Paula Fabe at Mining.com.au
Main image: Osisko Metals
