Osisko Metals Incorporated announced private placement on bought deal basis of up to 14,815,000 flow-through units at an issue price of CAD 0.54 per unit for gross proceeds of CAD 8,000,000 and upto 4,000,000 flow-through shares at a price of CAD 0.50 for gross proceeds of up to CAD 2,000,000 and aggregate gross proceeds of CAD 10,000,000 on May 16, 2022. The company has granted over-allotment option to the underwriters to sell up to an additional 2,200,000 units at the issue price and for 600,000 flow-through shares for additional gross proceeds of up to CAD 1,500,000, exercisable at any time up to 48 hours prior to closing of the transaction. The company has entered into an agreement with a syndicate of underwriters led by Eight Capital in connection with transaction.

Each unit will consist of one common share and one-half-of-one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share at a price of CAD 0.57 per share for a 60-month period following the closing date of the transaction. The transaction is expected to close on or about June 16, 2022.

The securities to be issued under the transaction will have a hold period of four months and one day from the closing date of the transaction in accordance with applicable securities laws. The Offering is expected to close on or about June 16, 2022 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities.