Osisko Announces TSX Approval to Renew Normal Course Issuer Bid
OSISKO ANNOUNCES TSX APPROVAL TO RENEW NORMAL COURSE ISSUER BID
(Montréal, December 10, 2019) Osisko Gold Royalties Ltd (OR:TSX & NYSE) (the " Corporation" or
"Osisko") today announces that the Toronto Stock Exchange (the " TSX") has approved the
Corporation's notice of intention to make a normal course issuer bid (the " NCIB Program"). Under the
terms of the NCIB Program, Osisko may acquire up to 13,681,732 of its common shares (" Common
Shares") from time to time in accordance with the normal course issuer bid procedures of the TSX.
The normal course issuer bid will be conducted through the facilities of the TSX or alternative trading
systems, if eligible, and will conform to their regulations. Purchases under the normal course issuer bid
will be made by means of open market transactions or such other means as a securities regulatory
authority may permit, including pre-arranged crosses, exempt offers and private agreements under an
issuer bid exemption order issued by a securities regulatory authority.
Repurchases under the NCIB Program may commence on December 12, 2019 and will terminate on
December 11, 2020 or on such earlier date as the NCIB Program is complete. Daily purchases will be
limited to 126,674 Common Shares, other than block purchase exemptions, representing 25% of the
average daily trading volume of the Common Shares on the TSX for the six -month period ending
November 30, 2019, being 506,698 Common Shares.
The price that the Corporation may pay for any Common Shares purchased in the open market under
the NCIB Program will be the prevailing market price at the time of purchase (plus brokerage fees) and
any Common Shares purchased by the Corporation will be cancelled. In the event that the Corporation
purchases common shares by pre -arranged crosses, exempt offers, block purchases or private
agreements, the purchase price of the common shares may be, and will be in the case of purchases by
private agreements, as may be p ermitted by the securities regulatory authority , at a discount to the
market price of the common shares at the time of the acquisition.
The board of directors of Osisko believes that the underlying value of the company may not be reflected
in the market pr ice of the Common Shares from time to time and that, accordingly, the purchase of
Common Shares will increase the proportionate interest in the company of, and be advantageous to, all
remaining shareholders of the Corporation.
As of December 2, 201 9, there were 157,469,361 Common Shares issued and outstanding . The
13,681,732 Common Shares that may be repurchased under the NCIB Program represent
approximately 10% of the public float of the Corporation as of December 2, 2019, being 136,817,320
Common Shares.
During the prior NCIB Program of the Corporation, which will end on December 1 1, 201 9, the
Corporation obtained approval to purchase 10,459,829 Common Shares and actually purchased
1,833,830 Common Shares at a weighted average price of approximately $11.81 per Common Share
through the facilities of the TSX.
Osisko has appointed Desjardins Capital Markets to make any purchases under the NCIB Program on
its behalf.
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About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the Americas that
commenced activities in June 2014. Osisko holds a North American focused portfolio of over 135 royalties, streams
and precious metal offtakes. Osisko’s portfolio is anchored by five cornerstone assets, including a 5% net smelter
return royalty on the Canadian Malartic mine, which is the largest gold mine in Canada. Osisko also owns a
portfolio of publicly held resource companies, including a 15.9% 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 statements
This press release contains forward-looking statements. These forward -looking statements, by their nature, require the
Corporation to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause
actual results to differ materially from t hose expressed or implied in these forward -looking statements. Words such as "may",
"will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or com parable
terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements
including the fact that the Corporation "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential",
"scheduled" and similar expre ssions or variations (Including negative variations), or that events or conditions "will", "would",
"may", "could" or "should" occur including, without limitation, statements about the board of directors of Osisko's belief that the
NCIB Program is advantageous to shareholders and that underlying value of the Corporation may not be reflected in the market
price of the Common Shares, and about the Corporation's intentions regarding the NCIB Program , including the number of
Common Shares that may be purchased under the NCIB Program. Although Osisko believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such statements involve known and unknown risks,
uncertainties and other factors and are not guarantees of f uture performance and actual results may accordingly differ
materially from those in forward looking statements. Factors that could cause the actual results to differ materially from th ose
in forward -looking statements include, without limitation: fluctuat ions in the prices of the commodities that drive royalties ,
streams and offtakes held by Osisko; fluctuations in the value of the Canadian dollar relative to the U.S. dollar; regulatory
changes by national and local government, including corporate law, per mitting and licensing regimes and taxation policies;
continued availability of capital and financing and general economic, market or business conditions; business opportunities
that become available to, or are pursued by Osisko; the impossibility to acquir e royalties and to fund precious metal streams;
other uninsured risks. The forward looking statements contained in this press release are based upon assumptions
management believes to be reasonable, including, without limitation: the ongoing operation of t he properties in which Osisko
holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; th e
accuracy of public statements and disclosures made by the owners or operators of such underlying pr operties; no material
adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of
any significant property in which Osisko holds a royalty or other interest and the absence of any other factors that could cause
actions, events or results to differ from those anticipated, estimated or intended.
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 recent Annual Information Form of the
Corporation, which is filed with (i) the securities regulatory authorities in Canada and available electronically under Osisko's
issuer profile on SEDAR at www.sedar.com, and (ii) the U.S. Securities and Exchange Commission and available electronically
under Osisko's issuer profile on EDGAR at www.sec.gov. The forward ‐ looking information set for th 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 Osisko Gold Royalties Ltd:
Bryan A. Coates
President
Tel. (514) 940-0670