- Appian will invest up to C$100 million to acquire a 60% interest in Pine Point Mining Camp, zinc mining camp located in the Northwest Territories
- Jeff Hussey, president and COO of Osisko Metals, will take charge as CEO of Pine Point
- Based in London, Appian invests solely in mining and mining-related companies
Canadian mining company Osisko Metals has entered into an investment agreement with UK private equity firm Appian Capital Advisory.
The agreement will see Appian invest up to C$100 million to acquire a 60 percent interest in Pine Point Mining Camp, zinc mining camp located in the Northwest Territories and owned by Osisko, the company said in a statement.
The C$100 million investment includes an estimated C$75.3 million of financing to advance Pine Point to a final investment decision and about C$24.7 million in cash payments to Osisko. Further, Appian will invest C$5 million in Osisko’s common shares on closing, which is priced at C$0.2481 per share.
Based in Montreal, Osisko Metals is an exploration and development company creating value in the critical metals space, specifically copper and zinc.
“The transaction allows us to leverage Appian’s extensive mine development experience and includes a crucial investment of C$75 million into the project that will advance the development of Pine Point to a “shovel-ready” status,” said Robert Wares, chairman & CEO at Osisko, in a statement.
Jeff Hussey, president and COO of Osisko, will take charge as CEO of Pine Point.
Based in London, Appian invests solely in mining and mining-related companies. The firm has a global team of 60 experienced professionals with a presence in Toronto, Montreal, Vancouver, Lima, Belo Horizonte, and Perth.
McCarthy Tétrault will serve as Appian’s legal counsel.