Osisko Mining Closes $61 Million "Bought Deal" Private Placement of Flow-Through Shares, Including Full Underwriters' Option

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES 
OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (TSX:OSK) ("Osisko" or the "Corporation") is pleased to announce the completion of its previously-announced "bought deal" brokered private placement of an aggregate of 14,848,800 "flow-through shares" of the Corporation ("Flow-Through Shares") in two tranches as follows:

• Tranche One: 8,050,000 Flow-Through Shares at an issue price of $4.70 per Flow-Through Share for aggregate gross proceeds of approximately $37.8 million, including the exercise in full of the underwriters' option (the "T1 Offering");
   
• Tranche Two: 6,798,800 Flow-Through Shares at an issue price of $3.40 per Flow-Through Share for aggregate gross proceeds of approximately $23.1 million, including the exercise in full of the underwriters' option (the "T2 Offering" and, together with the T1 Offering, the "Offering").

The total proceeds of the Offering are approximately $61 million.

The T1 Offering was co-led by Canaccord Genuity Corp. and Eight Capital. The T2 Offering was led by Canaccord Genuity Corp., on behalf of itself and a syndicate of underwriters that included BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Cormark Securities Inc., Echelon Wealth Partners Inc., Industrial Alliance Securities Inc., Beacon Securities Limited, and Haywood Securities Inc.

The gross proceeds from the sale of Flow-Through Shares will be used by the Corporation to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" (within the meaning of Income Tax Act (Canada)) related to the Corporation's projects in Québec on or prior to December 31, 2020 for renunciation to subscribers of Flow-Through Shares effective December 31, 2019.

All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.