Montréal’s Osisko Mining Corp., which operates the Malartic Gold Mine in Malartic, Québec, completed its buy of all of the issued and outstanding shares of Queenston Mining Inc. When originally announced in November 2011, the value of the Queenston acquisition was estimated to be around C$550 million. Osisko is a portfolio company of Fonds de solidarité des travailleurs du Québec (FTQ), while the Toronto-based Queenston has been backed by Pinetree Capital.
Osisko Completes Arrangement with Queenston
MONTREAL, QUEBEC and TORONTO, ONTARIO–(Marketwire – Dec. 28, 2012) – Osisko Mining Corporation (“Osisko”) (TSX:OSK)(FRANKFURT:EWX) and Queenston Mining Inc. (“Queenston”) (TSX:QMI)(FRANKFURT:QMI)(OTCQX:QNMNF) are pleased to announce the successful completion of the previously announced plan of arrangement (the “Arrangement”) involving Queenston and Osisko whereby, among other things, Osisko has acquired all of the issued and outstanding common shares of Queenston. Under the terms of the Arrangement, each former Queenston shareholder is entitled to receive 0.611 of an Osisko common share for each Queenston common share held.
Osisko intends to cause Queenston to delist its common shares from the Toronto Stock Exchange (“TSX”) and OTCQX, 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 December 31, 2012.
“We are very pleased to have concluded the transaction and to move into the prolific Kirkland Lake Gold Camp. We would also like to thank the Queenston Board of Directors, management and shareholders for their hard work and support in this transaction”, commented Mr. Sean Roosen, President and Chief Executive Officer of Osisko.
For further information regarding the Arrangement, please contact Kingsdale Shareholder Services Inc. at 1-866-581-1479 or by email at email@example.com.
ABOUT OSISKO MINING CORPORATION
Osisko Mining Corporation operates the Canadian Malartic Gold Mine in Malartic, Quebec and is pursuing exploration on a number of properties, including the Hammond Reef Gold Project in Northern Ontario.
Queenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp comprising 230 square kilometres of prime exploration lands. Queenston’s assets include six 100%-owned gold deposits, all with NI 43-101 compliant mineral resources and ongoing exploration and development. The objective of Queenston is to advance the flagship Upper Beaver project towards feasibility and production. The Upper Beaver project is progressing with Advanced Exploration leading to new shaft development in 2013
Photo courtesy of Shutterstock.