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

Published 2019-09-09, 09:54 a/m
© Reuters.  BRIEF-Osisko Announces Credit Bid Transaction In Regards To The Renard Diamond Mine

Sept 9 (Reuters) - Osisko Gold Royalties Ltd OR.TO :

* 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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