Glencore Canada reduces Osisko shareholding to 11.9%
Base metals producer Glencore Canada Corporation has entered into a private agreement with a third party pursuant to which Glencore Canada will sell 21.5-million of its common shares owned of Osisko Metals for C$34.3-million.
Prior to the transaction, Glencore Canada owned or controlled 128-million common shares and 3.4-million common share purchase warrants of Osisko, representing about 14.3% of its issued and outsanding common shares on a non-diluted basis.
After the sale, Glencore Canada will own or control 106-million common shares of Osisko, representing about 11.9% of its issued and outstanding share capital on a non-diluted basis.
Glencore Canada says it holds Osisko shares for investment purposes and will continue to monitor the business, its prospects and financial condition, and decrease or increase ownership accordingly.
Osisko owns two past-producing copper and zinc mines – Pine Point and Gaspé – in Northwest Territories and Québec, respectively, with the intent to turn them into operating mines.