Osisko Mining Secures Interim Order for Strategic Acquisition
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Osisko Mining Gains Interim Order for Gold Fields Acquisition
Osisko Mining Inc. (TSX:OSK) has exciting news regarding its strategy to enhance shareholder value. The Toronto-based mining company has recently obtained an interim order from the Ontario Superior Court of Justice. This interim ruling facilitates an acquisition by Gold Fields Limited through a fully-owned Canadian subsidiary. The proposed acquisition will proceed under a plan of arrangement guided by the Business Corporations Act (Ontario).
Details of the Acquisition Plan
This interim order allows Osisko to convene a special meeting of its shareholders to secure necessary approvals for the acquisition arrangement. The special meeting is set for 10:00 a.m. Toronto time on a future Thursday, which will be specified for stakeholders.
Shareholder Approval Process
As part of the arrangement, Gold Fields has proposed to buy all outstanding common shares of Osisko at a price of C$4.90 each. This offer reflects a significant premium of roughly 55% when compared to the 20-day volume-weighted average trading price on the Toronto Stock Exchange. All shareholders of Osisko, as of the specified record date, will receive detailed notifications and have the right to vote on this crucial arrangement during the upcoming meeting.
Management's Support and Recommendations
As shareholders prepare to vote, it’s reassuring to know that the Board of Directors of Osisko is unanimously endorsing the proposed acquisition. A comprehensive management information circular will soon be distributed to all shareholders. This circular will provide in-depth information regarding the arrangement, enhancing shareholders' understanding of the benefits tied to the transaction.
Anticipated Timeline and Next Steps
The hearing to seek final court approval is scheduled shortly after, marking important progress in this acquisition process. If all goes according to plan, the arrangement is expected to be effective around a specified date in late October, subject to the fulfillment of all necessary conditions and regulatory approvals.
About Osisko Mining
Osisko is deeply committed to mineral exploration, with a focus on precious metals in Canada. The company proudly holds a substantial 50% stake in the high-grade Windfall gold deposit, located strategically between Val-d'Or and Chibougamau in Québec. In addition, Osisko has an expansive portfolio of claims in the Urban Barry area and the nearby Quévillon region, covering over 2,300 square kilometers.
Shareholder Inquiries
For any inquiries related to the acquisition, shareholders are encouraged to reach out to Laurel Hill Advisory Group. They offer dedicated assistance for navigating through the arrangement and any associated queries.
Contact Information
North America Toll-Free: 1-877-452-7184
Calls Outside North America: 416-304-0211
Email: assistance@laurelhill.com
Frequently Asked Questions
What is the purpose of the interim order obtained by Osisko?
The interim order allows Osisko to hold a special meeting of shareholders to approve the acquisition arrangement with Gold Fields.
What is the proposed price per share for the acquisition?
Gold Fields has proposed to acquire each outstanding common share of Osisko for C$4.90.
When will shareholders vote on this arrangement?
The special meeting for shareholders to vote on the arrangement is scheduled for a future date, with the exact day yet to be outlined.
How does this acquisition benefit Osisko shareholders?
Shareholders can expect a significant premium on their shares, as the acquisition price reflects a 55% increase over the recent trading average.
Who can shareholders contact for further inquiries?
Shareholders can contact Laurel Hill Advisory Group using the provided phone numbers or email for assistance regarding the arrangement.
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