Osisko Metals: Corporate Update
May 26 2023 - 8:00AM
Osisko Metals Incorporated (the "
Company" or
"
Osisko Metals") (TSX-V: OM; OTCQX: OMZNF;
FRANKFURT: 0B51) wishes to announce, as per regulatory compliance,
the following updates:
Shares for
Services Agreement
Subject to the
approval of the TSX Venture Exchange, the Company has agreed to
issue an aggregate of 2,000,000 common shares at a deemed issue
price of $0.3125 per common share in satisfaction of an aggregate
of $625,000 in obligations due to Maxit Capital LP, who acted as
the financial advisor to the Company in connection with the
recently-completed joint venture transaction with Appian Canada
Pine B.V. The common shares issued pursuant to this
shares-for-services transaction will be subject to a four-month
hold period under applicable securities laws.
Grant of Stock
Options
The Company’s Board of
Directors have approved the grant of 2023 incentive stock options
to certain directors, officers, key employees and key consultants
to purchase up to an aggregate of 1,705,000 common shares in the
capital stock of the Company. Grants are subject to a three-year
vesting period and a five-year term at an exercise price of $0.25
per share.
About Osisko Metals
Osisko Metals Incorporated is a Canadian
exploration and development company creating value in the critical
metals space. The Company controls one of Canada’s premier
past-producing zinc mining camps, the Pine Point Project, located
in the Northwest Territories for which the 2022 PEA has indicated
an after-tax NPV of $602M and an IRR of 25% is based on the current
Mineral Resource Estimates that are amenable to open pit and
shallow underground mining and consist of 15.7Mt grading 5.55% ZnEq
of Indicated Mineral Resources and 47.2Mt grading 5.94% ZnEq of
Inferred Mineral Resources. Please refer to the technical report
entitled “Preliminary Economic Assessment, Pine Point Project, Hay
River, Northwest Territories, Canada” dated July 30, 2022 which has
been filed on SEDAR. The Pine Point Project is located on the south
shore of Great Slave Lake in the Northwest Territories, near
infrastructure, paved highway access, and has an electrical
substation as well as 100 kilometres of viable haulage roads
already in place.
The Company is also in the process of acquiring,
from Glencore Canada Corporation, a 100% interest in the
past-producing Gaspé Copper Mine, located near Murdochville in the
Gaspé peninsula of Quebec. The Company is currently focused on
resource evaluation of the Mount Copper Expansion Project that
hosts a NI43-101 Inferred Resource of 456 Mt grading 0.31%
Cu (see April 28, 2022 press release). Gaspé Copper hosts
the largest undeveloped copper resource in Eastern North America,
strategically located near existing infrastructure in the
mining-friendly province of Quebec.
For further information on this press release,
visit www.osiskometals.com or
contact:
Robert Wares, CEO of Osisko Metals
Incorporated
Email:
info@osiskometals.comwww.osiskometals.com
Cautionary Statement on Forward-Looking
Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation based on expectations, estimates and projections as at
the date of this news release. Any statement that involves
predictions, expectations, interpretations, beliefs, plans,
projections, objectives, assumptions, future events or performance
are not statements of historical fact and constitute
forward-looking information. This news release may contain
forward-looking information pertaining to the Pine Point Project,
including, among other things, the results of the PEA and the IRR,
NPV and estimated costs, production, production rate and mine life;
the expectation that the Pine Point Project will be a robust
operation and profitable at a variety of prices and assumptions;
the expected high quality of the Pine Point concentrates; the
potential impact of the Pine Point Project in the Northwest
Territories, including but not limited to the potential generation
of tax revenue and contribution of jobs; and the Pine Point Project
having the potential for mineral resource expansion and new
discoveries. Forward-looking information is not a guarantee of
future performance and is based upon a number of estimates and
assumptions of management, in light of management’s experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances, including, without limitation,
assumptions about: favourable equity and debt capital markets; the
ability to raise additional capital on reasonable terms to advance
the development of its projects and pursue planned exploration;
future prices of zinc and lead; the timing and results of
exploration and drilling programs; the accuracy of mineral resource
estimates; production costs; operating conditions being favourable;
political and regulatory stability; the receipt of governmental and
third party approvals; licenses and permits being received on
favourable terms; sustained labour stability; stability in
financial and capital markets; availability of equipment; and
positive relations with local groups. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Factors that could cause actual
results to differ materially from such forward-looking information
are set out in the Company’s public documents filed at
www.sedar.com. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information in
this news release are reasonable, undue reliance should not be
placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSXV) accept responsibility for the adequacy or
accuracy of this news release.
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