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Osisko Closes $100MM Facility With National Bank of Canada

December 01, 2014, 07:54 AM
Filed Under: Metals and Mining

Osisko Gold Royalties Ltd closed the previously announced $100 million revolving credit facility with National Bank of Canada. The credit facility will be used for investments in the mineral industry, including the acquisition of royalties and the funding of precious metal streams. The facility may be increased by $50 million at Osisko's request. The credit facility is secured by the company's assets and has a two-year term, which can be extended by one year at each anniversary.

Sean Roosen, Chair and Chief Executive Officer of Osisko, noted: "We are pleased to have National Bank of Canada as a financial partner as we seek new investment opportunities to complement our strong asset base. With the addition of this Credit Facility to its already strong balance sheet, Osisko has significantly enhanced its financial flexibility in order to support its future growth initiatives."

Osisko is a gold-focused royalty and stream company whose cornerstone asset is a 5% Net Smelter Royalty ("NSR") royalty on the world-class Canadian Malartic gold mine, located in Malartic, Quebec. The Company also holds a 2% NSR royalty on the Upper Beaver, Kirkland Lake and Hammond Reef gold exploration projects in Northern Ontario. The corporation has over $180 million in cash resources, no debt and a portfolio of investments in emerging exploration companies.

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