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(Kitco News) – Osisko Gold Royalties (TSX & NYSE: OR) announced today that it has sold 50,023,569 common shares of Osisko Mining (OSK: TSX) pursuant to a bought block trade with National Bank Financial and BMO Capital Markets for aggregate gross proceeds of approximately C$132 million.
According to the company’s statement, following the transaction Osisko Gold Royalties no longer holds any common shares of Osisko Mining.
However, the company said it continues to hold its 2.0 to 3.0% NSR royalty on the Windfall gold project and the surrounding property, held by a 50/50 joint-venture partnership between Osisko Mining and Gold Fields Limited.
Interim CEO Paul Martin commented, “The sale of our equity position in Osisko Mining serves two important purposes. Firstly, it reaffirms Osisko’s commitment to aligning ourselves as a pure-play precious metals royalty and streaming company. Secondly, it bolsters our financial position by injecting immediate cash resources, therefore restoring our balance sheet to a strong position.”
Osisko Gold Royalties is an intermediate precious metal royalty company which holds a North American focused portfolio of over 180 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, one of Canada’s largest gold mines.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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