Osisko Gold Royalties Ltd (OR:TSX & NYSE) (the
"
Corporation" or "
Osisko") today
announces that the Toronto Stock Exchange (the
"
TSX") has approved the Corporation's notice of
intention to make a normal course issuer bid (the "
NCIB
Program"). Under the terms of the NCIB Program, Osisko may
acquire up to
13,681,732 of its common shares
("
Common Shares") from time to time in accordance
with the normal course issuer bid procedures of the TSX.
The normal course issuer bid will be conducted
through the facilities of the TSX or alternative trading systems,
if eligible, and will conform to their regulations. Purchases under
the normal course issuer bid will be made by means of open market
transactions or such other means as a securities regulatory
authority may permit, including pre-arranged crosses, exempt offers
and private agreements under an issuer bid exemption order issued
by a securities regulatory authority.
Repurchases under the NCIB Program may commence
on December 12, 2019 and will terminate on December 11, 2020 or on
such earlier date as the NCIB Program is complete. Daily purchases
will be limited to 126,674 Common Shares, other
than block purchase exemptions, representing 25% of the average
daily trading volume of the Common Shares on the TSX for the
six-month period ending November 30, 2019, being
506,698 Common Shares.
The price that the Corporation may pay for any
Common Shares purchased in the open market under the NCIB Program
will be the prevailing market price at the time of purchase (plus
brokerage fees) and any Common Shares purchased by the Corporation
will be cancelled. In the event that the Corporation purchases
common shares by pre-arranged crosses, exempt offers, block
purchases or private agreements, the purchase price of the common
shares may be, and will be in the case of purchases by private
agreements, as may be permitted by the securities regulatory
authority, at a discount to the market price of the common shares
at the time of the acquisition.
The board of directors of Osisko believes that
the underlying value of the company may not be reflected in the
market price of the Common Shares from time to time and that,
accordingly, the purchase of Common Shares will increase the
proportionate interest in the company of, and be advantageous to,
all remaining shareholders of the Corporation.
As of December 2, 2019, there were 157,469,361
Common Shares issued and outstanding. The
13,681,732 Common Shares that may be repurchased
under the NCIB Program represent approximately 10% of the public
float of the Corporation as of December 2, 2019, being
136,817,320 Common Shares.
During the prior NCIB Program of the
Corporation, which will end on December 11, 2019, the Corporation
obtained approval to purchase 10,459,829 Common Shares and actually
purchased 1,833,830 Common Shares at a weighted average price of
approximately $11.81 per Common Share through the facilities of the
TSX.
Osisko has appointed Desjardins Capital Markets
to make any purchases under the NCIB Program on its behalf.
About Osisko Gold Royalties
Ltd
Osisko Gold Royalties Ltd is an intermediate
precious metal royalty company focused on the Americas that
commenced activities in June 2014. Osisko holds a North American
focused portfolio of over 135 royalties, streams and precious metal
offtakes. Osisko’s portfolio is anchored by five cornerstone
assets, including a 5% net smelter return royalty on the Canadian
Malartic mine, which is the largest gold mine in Canada. Osisko
also owns a portfolio of publicly held resource companies,
including a 15.9% interest in Osisko Mining Inc. and a 19.9%
interest in Falco Resources Ltd.
Osisko is a corporation incorporated under the
laws of the Province of Québec, with its head office is located at
1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec,
H3B 2S2.
Forward-looking statements
This press release contains forward-looking
statements. These forward-looking statements, by their nature,
require the Corporation to make certain assumptions and necessarily
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in these forward-looking statements. Words such as "may", "will",
"would", "could", "expect", "believe", "plan", "anticipate",
"intend", "estimate", "continue", or the negative or comparable
terminology, as well as terms usually used in the future and the
conditional, are intended to identify forward-looking statements
including the fact that the Corporation "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects",
"potential", "scheduled" and similar expressions or variations
(Including negative variations), or that events or conditions
"will", "would", "may", "could" or "should" occur including,
without limitation, statements about the board of directors of
Osisko's belief that the NCIB Program is advantageous to
shareholders and that underlying value of the Corporation may not
be reflected in the market price of the Common Shares, and about
the Corporation's intentions regarding the NCIB Program, including
the number of Common Shares that may be purchased under the NCIB
Program. Although Osisko believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements involve known and unknown risks,
uncertainties and other factors and are not guarantees of future
performance and actual results may accordingly differ materially
from those in forward looking statements. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include, without limitation:
fluctuations in the prices of the commodities that drive royalties,
streams and offtakes held by Osisko; fluctuations in the value of
the Canadian dollar relative to the U.S. dollar; regulatory changes
by national and local government, including corporate law,
permitting and licensing regimes and taxation policies; continued
availability of capital and financing and general economic, market
or business conditions; business opportunities that become
available to, or are pursued by Osisko; the impossibility to
acquire royalties and to fund precious metal streams; other
uninsured risks. The forward looking statements contained in this
press release are based upon assumptions management believes to be
reasonable, including, without limitation: the ongoing operation of
the properties in which Osisko holds a royalty or other interest by
the owners or operators of such properties in a manner consistent
with past practice; the accuracy of public statements and
disclosures made by the owners or operators of such underlying
properties; no material adverse change in the market price of the
commodities that underlie the asset portfolio; no adverse
development in respect of any significant property in which Osisko
holds a royalty or other interest and the absence of any other
factors that could cause actions, events or results to differ from
those anticipated, estimated or intended.
For additional information with respect to these
and other factors and assumptions underlying the forward‐looking
statements made in this press release, see the section entitled
"Risk Factors" in the most recent Annual Information Form of the
Corporation, which is filed with (i) the securities regulatory
authorities in Canada and available electronically under Osisko's
issuer profile on SEDAR at www.sedar.com, and (ii) the U.S.
Securities and Exchange Commission and available electronically
under Osisko's issuer profile on EDGAR at www.sec.gov. The forward‐
looking information set forth herein reflects Osisko's expectations
as at the date of this press release and is subject to change after
such date. Osisko disclaims any intention or obligation to update
or revise any forward‐looking statements, whether as a result of
new information, future events or otherwise, other than as required
by law.
For further information, please contact
Osisko Gold Royalties Ltd:
Bryan A. CoatesPresidentTel. (514)
940-0670bcoates@osiskogr.com
Osisko Gold Royalties (NYSE:OR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Osisko Gold Royalties (NYSE:OR)
Historical Stock Chart
From Apr 2023 to Apr 2024