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Osisko Gold Royalties repurchases C$9.8M of shares under C$100M buyback program

Osisko Gold Royalties Ltd. said Jan. 7 that it completed an initial C$9.8 million investment in December 2018 to repurchase 849,480 shares for cancellation at C$11.56 apiece.

The buyback was completed under a repurchase program of up to C$100 million, which forms part of a normal course issuer bid.

Osisko Gold Royalties also repaid US$43 million on its revolving credit facility, leaving about C$30 million drawn on its C$350 million facility as at the end of 2018, with an additional uncommitted accordion of up to C$100 million.

The facility is available until Nov. 14, 2022, and could be extended by one year on each anniversary date.

CEO and Chairman Sean Roosen said the company is "aggressively redeploying" the C$159.4 million in proceeds received from Pretium Resources Inc.'s repurchase of the Brucejack gold-silver stream toward its debt reduction program.

The company remains committed to the share buyback while maintaining financial flexibility to pursue near-term cash flow generating opportunities, the executive added.

At the end of 2018, Osisko Gold Royalties had approximately C$1 billion in cash resources, credit facilities and investments in equities available for the possible acquisitions of streams and royalties.