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 18,293,240 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 through alternative trading
systems in Canada, 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, 2022 and will terminate on December 11, 2023 or on
such earlier date as the NCIB Program is completed. Daily purchases
will be limited to 81,963 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, 2022, being 327,853 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 Corporation 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 Corporation of, and be advantageous
to, all remaining shareholders of the Corporation.
As of November 30, 2022, there were 183,921,409
Common Shares issued and outstanding. The 18,293,240 Common Shares
that may be repurchased under the NCIB Program represent
approximately 10% of the public float of the Corporation as of
November 30, 2022, being 182,932,406 Common Shares.
During the prior NCIB Program of the
Corporation, which will end on December 11, 2022, the Corporation
obtained approval to purchase 16,530,688 Common Shares and actually
purchased 1,694,658 Common Shares at a weighted average price of
approximately $13.0619 per Common Share through the facilities of
the TSX and through alternative trading systems in Canada.
About Osisko Gold Royalties
Ltd
Osisko Royalties is an intermediate precious
metal royalty company which holds a North American focused
portfolio of over 175 royalties, streams and precious metal
offtakes. Osisko Royalties’ portfolio is anchored by its
cornerstone asset, a 5% net smelter return royalty on the Canadian
Malartic mine, which is the largest gold mine in Canada.
Osisko’s head office is located at 1100 Avenue
des Canadiens-de-Montréal, Suite 300, Montréal, Québec,
H3B 2S2.
For further information, please contact Osisko Gold
Royalties Ltd:
Heather TaylorVice-President, Investor RelationsTel. (514)
940-0670 x105htaylor@osiskogr.com
Forward-looking statements
Certain statements contained in this press
release may be deemed “forward-looking statements” within the
meaning of applicable Canadian and U.S. securities laws. 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. Forward-looking statements are
not guarantees of performance. In this news release, these
forward-looking statements may involve, but are not limited to,
comments or opinion expressed by the Board of Directors of the
Corporation on the underlying value of the Corporation’s Common
Shares and to conditions the fact that conditions may or may not be
met to warrant the use of the NCIB Program. 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. Information contained in forward-looking statements is
based upon certain material assumptions that were applied in
drawing a conclusion or making a forecast or projection, including
in respect of the underlying value or market value of the
Corporation’s Common Shares. The Corporation considers its
assumptions to be reasonable based on information currently
available, but cautions the reader that its assumptions regarding
future events, many of which are beyond the control of the
Corporation, may ultimately prove to be incorrect since they are
subject to risks and uncertainties that affect the Corporation and
its business.
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 Osisko
which is filed with the Canadian securities commissions and
available electronically under Osisko’s issuer profile on SEDAR at
www.sedar.com and with the U.S. Securities and Exchange Commission
and available electronically under Osisko’s issuer profile on EDGAR
at www.sec.gov. The forward‐ looking statements set forth
herein reflect Osisko’s expectations as at the date of this press
release and are 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.
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