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MONTREAL, May 26, 2023 (GLOBE NEWSWIRE) -- 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.
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