Osisko Metals (TSX:OM) has incorporated a wholly-owned subsidiary, Osisko Critical Minerals, which has announced a C$100 million ($100.5 million) private placement to fund copper exploration in New Brunswick, Canada.
The subsidiary will issue special warrants at C$0.25 each through a best-efforts private placement led by Canaccord Genuity as lead agent and sole bookrunner.
Each special warrant converts into one unit comprising one common share and half a warrant upon satisfaction of release conditions.
The warrants carry an exercise price of C$0.35 per share for 24 months after closing. Release conditions require a final prospectus qualifying distribution of the underlying securities and TSX Venture Exchange conditional approval within 180 days of closing, expected around 17 November 2026.
Net proceeds will fund exploration and development of New Brunswick properties and general working capital.
The properties comprise 2,972 mineral claim units covering about 645km2, staked by Osisko Metals, and claims under three separate option agreements executed in January, April, and September 2026.
The properties include large-scale exploration targets prospective for copper, silver, and gold, with geology similar to the nearby Gaspé Copper Project.
The option agreements will transfer to the corporation in exchange for common shares as part of the transaction.
Osisko Metals is a Canadian base metals developer focused on advancing its flagship Gaspé Copper Project in Québec alongside the Pine Point zinc-lead joint venture in the Northwest Territories.
Write to JC Villarba at Mining.com.au
Main image: Osisko Metals
