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Osisko Gold Royalties (TSX:OR) and Virginia Mines (TSX:VGQ) have completed their plan of arrangement whereby Osisko will acquire all issued and outstanding shares of Virginia. Virginia’s André Gaumond and Pierre Labbé will join Osisko’s board, while Gaumand will also be appointed senior vice president of northern development and exploration.
Osisko Gold Royalties (TSX:OR) and Virginia Mines (TSX:VGQ) have completed their plan of arrangement whereby Osisko will acquire all issued and outstanding shares of Virginia. Virginia’s André Gaumond and Pierre Labbé will join Osisko’s board, while Gaumand will also be appointed senior vice president of northern development and exploration.
As quoted in the press release:
Under the terms of the Arrangement, each former Virginia shareholder is entitled to receive 0.92 of an Osisko common share for each Virginia common share held.
Osisko intends to cause Virginia to delist its common shares from the Toronto Stock Exchange (“TSX”), to submit an application to cease to be a reporting issuer and to otherwise terminate its public reporting requirements as soon as possible thereafter. The common shares of Osisko issued under the Arrangement are expected to be listed and trading on the TSX on or about February 17th, 2015.
Osisko chairman and CEO, Sean Roosen, said:
We are very pleased to have concluded the transaction with Virginia and to add the world class Éléonore royalty to our growing portfolio. We would like to thank Virginia’s board of directors, management and shareholders along with la Caisse de dépôt et placement du Québec and le Fonds de solidarité FTQ for their hard work and support in this transaction. We are pleased to have them all as new stakeholders and would like to welcome them on our quest to become one of the leading royalty companies in our sector. And on behalf of Osisko’s board of directors, I would like to welcome Mr. Gaumond and Mr. Labbé as new directors
Click here to read the Osisko Gold Royalties (TSX:OR) press release
