|Date Announced:||June 25, 2019|
|Date Closed:||July 11, 2019|
|Client Name:||Osisko Gold Royalties Ltd.|
Orion Resource Partners entered into an agreement with a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets, pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, an aggregate of 6,850,000 common shares of Osisko Gold Royalties Inc. held by Orion at an offering price of $14.10 per common share for total gross proceeds to Orion of $110,685,000. Osisko will not be receiving any of the proceeds of the Secondary Offering.
In a concurrent transaction, Osisko has agreed to purchase for cancellation 12,385,717 of its common shares from Orion. The purchase price per common share to be paid by Osisko under the share repurchase will be the secondary offering price of $14.10. Payment from Osisko to Orion will consist of a combination of cash and the direct transfer of other equity securities currently held by Osisko. Osisko has also agreed to sell to separate entities managed by Orion Resource Partners certain other equity securities held by Osisko for cash. Upon closing, Orion's ownership of Osisko's issued and outstanding common shares will be reduced from 19.5% to 7.7%.