Mining News: Northern Neighbors: Osisko adds C$50 million to its buying power; eyes investments

Osisko Gold Royalties Ltd. Jan. 4 said it has amended its revolving credit facility with National Bank of Canada and Bank of Montreal, thereby increasing the amount of the facility from C$100 million to C$150 million and extending its term to Dec. 23, 2017. The facility is to be used for investments in the mineral industry, including the acquisition of royalties and funding precious metal streams. Osisko CEO Elif Lévesque said, “This increased facility complements our strong cash and working capital position as we evaluate further investments, while we maintain a prudent approach to the management of our balance sheet. Osisko has no current debt outstanding.” The credit facility will be secured by Osisko’s assets and, as previously, the facility may be further increased by C$50 million at Osisko’s request. Osisko is an intermediate mining royalty and exploration company that holds 49 royalty assets, including two world-class gold royalty assets in Quebec. The company also owns 16.8 percent of TerraX Minerals Inc.’s shares and a one percent royalty option on that company’s Yellowknife City Gold Project; 9.9 percent of the shares of Nighthawk Gold Corp., another gold explorer with assets in Northwest Territories; and 19.9 percent of the shares of Oban Mining Corp.

- Shane Lasley