Osisko Announces Closing of Secondary Offering of Common Shares BY Orion
OSISKO ANNOUNCES CLOSING OF SECONDARY OFFERING OF COMMON SHARES BY ORION
MONTREAL, July 11, 2019 – Osisko Gold Royalties Ltd (" Osisko" or the " Company") (TSX & NYSE: OR)
announces that Betelgeuse LLC (" Orion"), a jointly owned subsidiary of certain inv estment funds managed by
Orion Resource Partners , has closed the previously announced secondary offering (the "Secondary Offering")
by a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets (the "Underwriters"),
pursuant to which t he Underwriters have purchase d, on a bought deal basis, an aggregate of 7,850,000
common shares of Osisko ("Common Shares") held by Orion.
Additionally, Orion has granted the Underwriters an over -allotment option, exercisable at any time up to 30 days
from and including the date of closing of the Secondary Offering, to purchase up to 1, 177,500 Common Shares.
Upon closing of the Secondary Offering, and following the closing of the first tranche of the previously
announced share repurchase transaction, Orion's ownership of Osisko's issued and outstanding Common
Shares has now been reduced from 19.5% to 10.2%.
Furthermore, Osisko expects to close within the next week the second tranche of the share repurchase
transaction, for a total cancellation of 5,066,218 Common Shares, representing Common Shares to be acquired
with the proceeds of the Victoria Gold Corp. disposition, subject to customary closing conditions , including
receipt of an Advanced Ruling Certificate (ARC) under the Competition Act (Canada). Following closing of the
second tranche of the share repurchase transaction, Orion's ownership of Osisko's issued and o utstanding
Common Shares will further be reduced to 7.0%.
Orion has agreed with the Underwriters that its remaining Common Shares will be subject to a 180 day lock -up
period, subject to customary exceptions.
About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty company that holds a North American
focused portfolio of over 135 royalties, streams and precious metal offtakes. Osisko's portfolio is anchored by its
5% NSR royalty on the Canadian Malartic Mine, w hich is the largest gold mine in Canada. Osisko also owns a
portfolio of publicly held resource companies, including a 32.7% interest in Barkerville Gold Mines Ltd., a 16.6%
interest in Osisko Mining Inc. and a 19.9% interest in Falco Resources Ltd.
Osisko is a corporation incorporated under the laws of the Province of Québec, with its head office is located at
1100 avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.
Forward-Looking Information
Certain statements made in this press release may constitute forward-looking information or forward-looking statements (together, "forward-
looking statements") within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform
Act of 1995. All statements in this release, other than statements of historical fact, that address future events, developments or performance
that Osisko expects to occur, including the anticipated completion of the second tranche of the Share Repurchase , are forward -looking
statements, as they involve implied assessment, based on certain estimates and assumptions. Forward -looking statements are statements
that are not historical facts and are generally, but not always, identified by the words "expects", "is expected" "plans ", "anticipates",
"believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (including neg ative variations of
such words and phrases), or may be identified by statements to the effect that certain action s, events or conditions "will", "would", "may",
"could" or "should" occur. Although Osisko believes the expectations expressed in such forward-looking statements are based on reasonable
assumptions, such statements involve known and unknown risks, uncertai nties and other factors and are not guarantees of future
performance and actual results may accordingly differ materially from those in forward-looking statements.
The forward -looking statements contained in this press release are based upon assumptions management believes to be reasonable.
However, there can be no assurance that forward -looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Investors are caution ed that forward -looking statements are not guarantees of
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future performance. Osisko cannot assure investors that actual results will be consistent with these forward-looking statements and investors
should not place undue reliance on forward -looking statem ents due to the inherent uncertainty therein. For additional information with
respect to these and other factors and assumptions underlying the forward -looking statements made in this press release, see the section
entitled "Risk Factors" in the most recen t Annual Information Form of Osisko which is filed with the Canadian securities commissions and
available electronically under Osisko's issuer profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Co mmission
on EDGAR at www.sec.gov. O sisko cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other
factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions caref ully in evaluating
the forward-looking information and are cautioned not to place undue reliance on such information. The forward -looking information set forth
herein reflects Osisko’s expectations as at the date of this press release and is subject to change after such date . Osisko disclaims any
intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
other than as required by law.
For further information please contact, please contact Osisko:
Joseph de la Plante
Vice President, Corporate Development
Tel. (514) 940-0670