Osisko Metals Announces Closing of LIFE Financing of Flow-Through Shares for Gross Proceeds of $3.5 Million (Including Exercise in Full of Agents' Option)

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MONTREAL, July 12, 2023 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the "Company" or "Osisko Metals") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce that it has closed its previously-announced "best efforts" private placement offering, pursuant to which Osisko Metals issued an aggregate of 8,750,0000 common shares of the Company (each, a "FT Share") that will qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada) (the "Tax Act") and the Taxation Act (Québec) at a price of $0.40 per FT Share (the "Offering Price") for aggregate gross proceeds to the Company of $3,500,000 (the "Offering"), including the exercise in full of the Agents' option.

The Offering was completed pursuant to the terms of an agency agreement dated July 12, 2023 among the Company and a syndicate of agents including Velocity Trade Capital Ltd. as lead agent and sole bookrunner, and Haywood Securities Inc. (collectively, the "Agents").

In consideration for the services rendered by the Agents in connection with the Offering, the Company paid the Agents an aggregate cash commission of $245,000 and issued the Agents an aggregate of 612,500 non-transferable broker warrants of the Company (each, a "Broker Warrant"). Each Broker Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.25 per common share until January 12, 2025.

The gross proceeds from the sale of FT Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Tax Act that (i) qualify as "flow-through critical mineral mining expenditures" as defined in subsection 127(9) of the Tax Act, and (ii) will be eligible for the two 10% enhancements under section 726.4.9 and section 726.4.17.1 of the Taxation Act (Québec) (the "Qualifying Expenditures"). Such Qualifying Expenditures will be renounced to the subscribers of the FT Shares with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. The Company intends to use the gross proceeds of the Offering to fund exploration activities at the Gaspé property(the "Gaspé Copper Property") located near Murdochville, Québec.