Osisko raises first funds for newly spun-out Osisko Critical Minerals Corporation
Having announced a spinout of its noncore assets in New Brunswick, Canadian copper and zinc explorer Osisko Metals has advised of a best efforts placement of special warrants for the new company called Osisko Critical Minerals Corporation (OCMC).
The special warrants are priced at C$0.25 apiece for gross proceeds of C$100-million.
"We have had a tremendous reception for OCMC in the capital markets and the strong investor interest in our new critical minerals company reflects confidence in our exploration portfolio and the significant opportunity we see in New Brunswick. We look forward to completing this offering to capitalise this new venture and to advancing our aggressive exploration programme on these highly prospective copper assets," comments OCMC incoming CEO John Burzynski.
Each special warrant will automatically convert without payment of additional consideration into one unit of the corporation, with each unit consisting of one common share and one-half of one common share purchase warrant of the corporation.
Each warrant will entitle the holder to acquire one common share at a price of C$0.35 apiece for two years after the private placement's closing.
