Osisko Gold Royalties Ltd. will be able to reduce its debt to C$30 million thanks to Pretium Resources Inc.'s US$237 million repurchase of Osisko's gold-silver stream from the Brucejack mine in British Columbia.

Osisko subsidiary Osisko Bermuda Ltd. fetched US$118.5 million in proceeds from the recently closed transaction, allowing Osisko to repay outstanding amounts of approximately C$58 million under a revolving credit facility.

The company said Dec. 19 that it also plans to use the proceeds to fund a C$100 million share repurchase program as part of its previously announced normal course issuer bid.

The stream repurchase will not affect Osisko's 2018 gold equivalent production guidance of between 77,500 and 82,500 ounces. The company continues to retain exposure to Brucejack through a 50% gold off-take interest.