Osisko Metals To Conduct $5.0 Million Flow Through Financing
Osisko Metals (TSXV: OM) is apparently looking for further funding. The company this morning announced that it has entered into an agreement with Haywood Securities to conduct a best efforts private placement of flow through shares to the tune of $5.0 million.
Under the terms of the financing, the company will look to sell up to 10.0 million flow through common shares at a price of $0.50 per share. No warrants are to be sold under the terms of the offering. An over allotment option has been granted in connection with the financing, enabling the sale of up to an additional 2.0 million flow through common shares.
Gross proceeds from the financing are to be used for Canadian exploration expenses, with the funds to be focused on Osisko’s Pine Point Zinc Project in the Northwest Territories.
The offering is expected to close April 29, 2021.
Osisko Metals last traded at $0.445 on the TSX Venture.
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