Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
MONTREAL, QUEBEC–(Marketwire – July 26, 2012) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES
Osisko Mining Corporation (“Osisko“)(TSX:OSK)(FRANKFURT:EWX) announces that it has acquired pursuant to a non-brokered private placement 3,200,000 common shares of Bowmore Exploration Ltd. (“Bowmore“) at a price of $0.25 per common share.
Osisko currently holds an aggregate of 18,200,000 common shares representing 33.1% of the total number of issued and outstanding common shares of Bowmore and 4,300,000 Warrants. Should the Warrants be fully converted, Osisko would hold 22,500,000 common shares or 32.3% of the total number of issued and outstanding common shares of Bowmore on a fully diluted basis.
Osisko holds the common shares and the Warrants for investment purposes only and not with a view to materially affect the control of Bowmore. Osisko has no present intention of acquiring beneficial ownership or control over additional securities of Bowmore.
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.
Sylvie Prud’homme
Investor Relations
(514) 735-7131
Toll Free: 1-888-674-7563
