Early Warning Release
EARLY WARNING RELEASE
(Montréal, March 20, 2017) Osisko Gold Royalties Ltd (TSX & NYSE:OR) ("Osisko") announces
that it has subscribed for and received from Highland Copper Company Inc. (TSXV:HI) ("Highland")
25,000,000 units for a price of $0. 10 per unit in connection with the closing of the third tranche of
Highland’s previously announced private placement (the " Private Placement "). Each Unit is
comprised of one common share and one half of a common share purchase warrant. Each whole
warrant entitles Osisko to acquire one common share at a price of $0.15 for a period of one year
following the closing date of the Private Placement (the "Private Placement Warrants"). The Private
Placement was originally announced by Highland on November 30, 2016.
Immediately prior to the closing of the Private Placement, Osisko held (i) 33,420,434 common
shares of Highland, and (ii) warrants entitling Osisko to purchase 2,000,000 common shares of
Highland (the “Warrants”). Assuming the exercise of the Warrants, Osisko woul d own 35,420,434
common shares of Highland, representing approximately 16.8% of Highland’s common shares that
would be issued and outstanding . Immediately following the closing of the Private Placement,
Osisko owns, beneficial ownership of, or control and direction over (i) 58,420,434 common shares
of Highland, representing approximately 1 6.1% of Highlands’s issued and outstanding common
shares, (ii) 12,500,000 Private Placement Warrants and, (iii) the Warrants. Assuming the exercise
of the Warrants and of the Private Placement Warrants, Osisko would own 7 2,920,434 common
shares of Highland, representing approximately 19.4% of Highland’s common shares that would be
issued and outstanding.
Osisko acquired the Shares described in this press release for inves tment purposes and in
accordance with applicable securities laws. Osisko may, from time to time and at any time, acquire
additional shares and/or other equity, debt or other securities or instruments (collectively,
"Securities") of Highland in the open market or otherwise, and reserves the right to dispose of any
or all of its Securities in the open market or otherwise at any time and from time to time, and to
engage in similar transactions with respect to the Securities, the whole depending on market
conditions, the business and prospects of Highland and other relevant factors.
A copy of the early warning report to be filed by Osisko in connection with the Private Placement
described above will be available on SEDAR under Highland’s profile. This news release is issued
under the early warning provisions of the Canadian securities legislation.
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About Osisko Gold Royalties Ltd
Osisko is an intermediate precious metal royalty company focused on the Americas that
commenced activities in June 2014. It holds over 50 royalties and streams, including a 5% NSR
royalty on the Canadian Malartic Mine (Canada), a 2.0 -3.5% NSR royalty on the Éléonore Mine
(Canada) and a silver stream on the Gibraltar Mine (Canada). It maintains a strong financial
position with cash resour ces of $499.2 million at December 31, 2016 and has distributed $30.8
million in dividends to its shareholders during the past nine consecutive quarters. Osisko also owns
a portfolio of publicly held resource companies, including a 1 5.0% interest in Osisko Mining Inc.,
13.3% in Falco Resources Ltd., and 18.5% interest in Barkerville Gold Mines Ltd.
Osisko’s head office is located at 1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal,
Québec, H3B 2S2.
For further information please contact:
Vincent Metcalfe
Vice President, Investor Relations
Tel. (514) 940-0670
Joseph de la Plante
Vice President, Corporate Development
Tel. (514) 940-0670