Osisko Development and Electric Elements Increase Stake in Niobay Metals
Osisko Development Corp. and Electric Elements Mining Corp. have announced an increase in their collective ownership of Niobay Metals Inc. The acquisition occurred through a private placement by Niobay.
Osisko Development Corp. and Electric Elements Mining Corp. have collectively acquired a significant stake in Niobay Metals Inc. The purchase of 8,571,429 units in Niobay's private placement, executed through Osisko Development's subsidiary Barkerville Gold Mines Ltd., has raised the entities' combined ownership to 16.2% of Niobay's shares on a partially diluted basis.
The companies' disclosure follows the filing of an early warning report with regulatory authorities concerning the acquisition. Prior to this private placement, Osisko Development and Electric Elements combined held approximately 10.8% of Niobay's outstanding shares.
Following the placement, Osisko Development directly or indirectly controls approximately 9.9% of Niobay's shares on a basic basis and 13.8% on a partially diluted basis. The companies state the acquisition is for investment purposes but reserve the right to acquire or dispose of additional Niobay securities based on market conditions and management's assessment.
Osisko Development is focused on developing gold assets in North America, advancing its flagship Cariboo Gold Project in British Columbia, Canada. The company's other development projects include the Tintic Project in Utah, USA, and the San Antonio Gold Project in Sonora, Mexico.