TORONTO, June 06, 2019 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (TSX:OSK) (the "Corporation" or "Osisko") today announced that it has filed an early warning report in respect of Generation Mining Limited (“Generation Mining”) as a result of the acquisition of 8,928,500 subscription receipts (“Subscription Receipts”) at a price of $0.28 per Subscription Receipt.
Each Subscription Receipt is automatically converted into one unit (“Unit”) of Generation Mining. Each Unit shall be comprised of one common share in the capital of Generation Mining (“Common Share”) and one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”) of Generation Mining. Each Warrant entitles Osisko to acquire one Common Share (a “Warrant Share”) for an exercise price of $0.45 per Warrant Share for a period of 24 months from the date on which escrow release conditions are satisfied by Generation Mining. The Subscription Receipts, Common Shares and Warrants are subject to a hold period under applicable Canadian securities laws which will expire October 6, 2019.
Immediately following the acquisition of securities described herein, Osisko has beneficial ownership, or control and direction over, an aggregate of 8,928,500 Common Shares and 4,464,250 Warrants representing an approximate 12.03% interest in Generation Mining on an undiluted basis, and assuming the conversion of Warrants, an approximate 17.02% interest on a partially diluted basis.
Osisko acquired the securities of Generation Mining for investment purposes only and intends to review, on a continuous basis, various factors related to its investment, and may decide to purchase additional securities of Generation Mining or may decide in the future to sell all or part of its investment.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated June 6, 2019. The early warning report has been filed on the System for Electronic Document Analysis and Review (“SEDAR”) under Generation Mining’s issuer profile at www.sedar.com. To obtain a copy of the early warning report filed by Osisko, please contact John Burzynski at (416) 363-8653 or refer to SEDAR under Generation Mining’ issuer profile at www.sedar.com.
For further information, please contact Osisko Mining Inc.:
John Burzynski
President and Chief Executive Officer
Osisko Mining Inc.
155 University Avenue
Toronto, ON M5H 3B7
Telephone: (416) 363-8653