Edition:
India

Osisko Announces Credit Bid Transaction In Regards To The Renard Diamond Mine


Monday, 9 Sep 2019 

Sept 9 (Reuters) - Osisko Gold Royalties Ltd ::OSISKO ANNOUNCES CREDIT BID TRANSACTION IN REGARDS TO THE RENARD DIAMOND MINE.OSISKO GOLD ROYALTIES LTD - ENTERED INTO A LETTER OF INTENT WITH STORNOWAY DIAMOND CORPORATION AND CERTAIN OF ITS SUBSIDIARIES.OSISKO - CO, SECURED CREDITORS HAVE CONFIRMED THEIR INTENTION TO FORM AN ENTITY WHICH WILL ACQUIRE ALL OR SUBSTANTIALLY ALL ASSETS OF STORNOWAY.OSISKO GOLD ROYALTIES LTD - OSISKO WILL MAINTAIN ITS 9.6% DIAMOND STREAM ON RENARD MINE AND WILL CONTINUE TO RECEIVE STREAM DELIVERIES.OSISKO GOLD ROYALTIES LTD - AGREED TO REINVEST ITS PROCEEDS FROM STREAM FOR A PERIOD OF 1 YEAR FROM DATE OF CLOSING OF CREDIT BID TRANSACTION.OSISKO - ALSO ENTERED DEFINITIVE AND BINDING WORKING CAPITAL FACILITY AGREEMENT WITH STORNOWAY PROVIDING FOR INITIAL AMOUNT OF $20 MILLION.OSISKO GOLD ROYALTIES - CO'S ATTRIBUTABLE PORTION OF WORKING CAPITAL FACILITY WILL BE ABOUT $7 MILLION, OF WHICH $2.46 MILLION EXPECTED TO BE ADVANCED TODAY. 

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20 Jan 2020