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Osisko Gold Royalties to take 19.7% stake in Niobay

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

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Osisko Gold Royalties to take 19.7% stake in Niobay

Osisko Gold Royalties Ltd. agreed to purchase 9.0 million shares in Niobay Metals Inc. at 26 Canadian cents apiece for a total of C$2.3 million via a private placement.

The transaction will give Osisko about a 19.7% stake in Niobay on a nondiluted basis.

Osisko, provided it maintains a 10% interest in Niobay, will have the right to nominate one director to the latter's board and participate in all future equity financings.

In addition, Osisko will be granted an option to acquire a 1.0% royalty on all metals to be produced at Niobay's James Bay niobium project in Ontario. This option is exercisable by paying C$2 million within 90 days after the delivery of a bankable feasibility study on the project.

The proceeds will be used primarily to fund the development of James Bay and for general corporate purposes, according to a March 27 release.

The financing is expected to close by March 28.