Osisko Makes Initial C$9.8 Million Investment Towards C$100 Million Share Buyback Program and Reduces Debt BY US$43 Million
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OSISKO MAKES INITIAL C$9.8 MILLION INVESTMENT TOWARDS C$100 MILLION
SHARE BUYBACK PROGRAM AND REDUCES DEBT BY US$43 MILLION
(Montréal, January 7 , 2019) Osisko Gold Royalties Ltd ( “Osisko” or the “Company” ) (OR: TSX &
NYSE) is pleased to report that it has completed an initial investment of C$9.8 million towards its
normal course issuer bid (“NCIB”) for a total 849,480 shares purchased for cancellation at an average
price of C$11.56 per share during the month of December 2018 (“Share Repurchases”) and that it has
repaid US$43 million on its revolving credit facility (“Debt Reimbursement”).
The Share Repurchases were completed as an initial investment towards the Company’s previously
announced intention to deploy up to C$100 million towards purchases und er its NCIB. As a reminder,
in December 2018, Osisko announced that in light of current market conditions, it believes the
Company’s shares are an attractive investment opportunity and is prepared to deploy up to C$100
million towards its NCIB.
The actual number of common shares that may be purchased and the timing of such purchases will be
determined by the Company. Decisions regarding purchases will be based on market conditions,
share price, best use of available cash and other factors. Any securities ac quired under the NCIB of
the Company will be cancelled.
Following the Debt Reimbursement, only C$30 million remains drawn on the Company’s C$350 million
revolving credit facility as at December 31, 2018, which has an additional uncommitted accordion of
up to $100 million (for a total available facility size of C$450 million). The facility is available until
November 14, 2022 and may be extended by one year on each anniversary date.
Sean Roosen, Chair of the Board and Chief Executive Officer of Osisko noted: “We are aggressively
redeploying the C$159.4 million in proceeds received from Pret ium Exploration for the repurchase of
the Brucejack gold and silver stream, towards our debt reduction program and remain firmly
committed to repurchasing our shares in light of current valuation levels , while maintaining financial
flexibility to pursue near term cash flow generating value creation opportunities.”
As at December 31, 2018, Osisko has approximately $1 billion in cash resources, credit facilities, and
investments in equities available for the acquisition of streams and royalties.
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About Osisko Gold Royalties Ltd
Osisko Gold Royalties Ltd is an intermediate precious metal royalty company focused on the
Americas. Osisko holds a North American focused portfolio of over 130 royalties, streams and
precious metal offtakes. Osisko’s portfolio is anchored by its 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 16.7% interest in Osisko Mining Inc., a 32.3% interest in
Barkerville Gold Mines Ltd., a 17.8% interest in Falco Resources Ltd. and a 10.6% interest in Osisko
Metals Incorporated.
Osisko is incorporated under the laws of the Provin ce of Québec, with its head office located at 1100
avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.
For further information, please contact Osisko Gold Royalties:
Joseph de la Plante
Vice President, Corporate Development
Tel. (514) 940-0670
Forward-looking Statements
Certain statements contained in this press release may be deemed “forward ‐looking statements” within the meaning of
applicable Canadian and U.S. securities laws. These forward ‐looking statements, by their nature, require Osisko to make
certain assumptions and necessarily involve known and unknown risks and uncertainties that co uld cause actual results to
differ materially from those expressed or implied in these forward ‐looking statements. Forward ‐looking statements are not
guarantees of performance. These forward ‐looking statements, may involve, but are not limited to the inten ded use of
proceeds received from Pretium Exploration , including the flexibility to pursue near term cash flow generating value creation
opportunities, and the investment opportunity related to the common shares of the Company. Words such as “may”, “will”,
“would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable
terminology, as well as terms usually used in the future and the conditional, are intended to identify forward ‐looking
statements. Information contained in forward ‐looking statements is based upon certain material assumptions that were
applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends,
current conditions and expected future developments, as well as other considerations that are believed to be appropriate in
the circumstances. Osisko considers its assumptions to be reasonable based on information currently available, but cautions
the reader th at their assumptions regarding future events, many of which are beyond the control of Osisko, may ultimately
prove to be incorrect since they are subject to risks and uncertainties that affect Osisko and its business.
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 Osisko
which is filed with the Canadian securities comm issions and available electronically under Osisko’s issuer profile on SEDAR
at www.sedar.com and with the U.S. Securities and Exchange Commission and available electronically under Osisko’s issuer
profile on EDGAR at www.sec.gov. The forward ‐looking statements 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 o r
revise any forward ‐looking statements, whether as a result of new information, future events or otherwise, other than as
required by law.