Osisko Mining Inc. signed an agreement for a private placement of CAD 154 million in a convertible senior unsecured debenture due December 1, 2025 on November 30, 2021. The transaction will include participation from new investor Northern Star Resources Limited. The debenture bears interest at a rate of 4.75% per annum payable semi-annually in arrears.

They agreed to negotiate, on an exclusive basis, the terms of an earn-in and joint-venture on up to a 50% interest in company's windfall project. The debenture may be converted by investor at any time after the first anniversary of closing, subject to acceleration in the event of a change of control, at a conversion price equal to CAD 4 per common share. Upon entering into the earn-in and joint venture agreement, investor may convert the debenture into an interest in the property at a conversion premium of 125%.

The debenture and any common shares issuable upon the conversion of the debenture, will be subject to a hold period expiring four months and one day from the date hereof.