Osisko Metals Completes Acquisition of Pine Point

MONTRÉAL, QUÉBEC and TORONTO, ONTARIO--(Marketwired - Feb. 23, 2018) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Osisko Metals Incorporated ("Osisko Metals") (TSX VENTURE:OM) and Pine Point Mining Limited ("Pine Point") (TSX VENTURE:ZINC) are pleased to announce the successful completion of their previously-announced arrangement pursuant to which, among other things, (i) Osisko Metals acquired all of the issued and outstanding shares of Pine Point, and (ii) a newly-formed corporation, Generation Mining Limited ("Spinco"), has been created to hold all of the assets and liabilities of Pine Point, with the exception of the Pine Point project located in the Northwest Territories (the "Pine Point Project"), all of which has been completed by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement").

Under the terms of the Arrangement, each former holder of shares of Pine Point is entitled to receive, in exchange for each share of Pine Point held immediately prior to the effective time of the Arrangement:

	(i)	0.2710 of a common share of Osisko Metals;
	(ii)	0.0677 of a common share purchase warrant of Osisko Metals, with each whole warrant entitling the holder thereof to acquire one common share of Osisko Metals at an exercise price of C$1.50 per share for a period of 12 months from the date hereof; and
	(iii)	one (1) common share of Spinco, which shares will then be consolidated on a 10:1 basis under the Arrangement.

The acquisition by Osisko Metals of the Pine Point Project furthers its stated strategy of consolidating and developing base metal assets at the mining district scale. "We are pleased to have concluded the transaction with Pine Point, allowing Osisko Metals to advance its goal of becoming a leading base metal mining company in Canada. We would like to thank Pine Point's Board of Directors, management and shareholders for their hard work and support throughout this acquisition," commented Jeff Hussey, President and Chief Executive Officer of Osisko Metals.