Early Warning Release
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EARLY WARNING RELEASE
(Montréal, August 29, 2019) Osisko Gold Royalties Ltd (TSX & NYSE:OR) (“Osisko”) announces that
it has subscribed for and received from Sable Resources Ltd. (TSXV:SAE) (“Sable”) 16,000,000 units
(the “Units”) of Sable for a price of $0.13 per Unit by way of a non-brokered private placement of Sable,
for an aggregate subscription price of $2,080,000 (the “Private Placement”).
Each Unit is comprised of one (1) common share of Sable (the “Share”) and one-half of one common
share purchase warrant of Sable (the “ Warrant”) entitling the holder to purchase one (1) additional
common share of Sable at a price of $0.21 per common share for a period of 36 months from the closing
of the Private Placement.
Immediately prior to the closing of the Private Placement, Osisko did not have beneficial ownership of,
or control and direction over, any common share of Sable. Immediately following the closing of the
Transaction, Osisko owns, beneficial ownership of, or control and direction over:
(a) 16,000,000 common shares, representing approximately 9.9% of Sable’s issued and
outstanding common shares;
(b) 8,000,000 Warrants representing, together with the 16,000,000 Shares, approximately
14.1% of the number of Sable’s issued and outstanding common s hares on a partially
diluted basis (assuming only the exercise of the 8,000,000 Warrants held by Osisko).
Osisko acquired the securitie s described in this press release for investment purposes and in
accordance with applicable securities laws, Osisko may, from time to time and at any time, acquire
additional Common Shares and/or other equity, debt or other securities or instruments (collec tively,
“Securities”) of Sable 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 Sable 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 SED AR under Sable’s profile. This news release is issued under
the early warning provisions of the Canadian securities legislation.
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 Malar tic Mine, which is the largest gold mine in Canada. As of August 26, 2019,
143,875,955 common shares were issued and outstanding. Osisko also owns a portfolio of publicly held resource
companies, including a 32.6% interest in Barkerville Gold Mines Ltd., a 16.4% interest in Osisko Mining Inc. and
a 19.9% interest in Falco Resources Ltd.
Osisko is incorporated under the laws of the Province of Québec, with its head office located at 1100 avenue des
Canadiens-de-Montréal, Suite 300, Montréal, Québec, H3B 2S2.
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For further information, please contact Osisko Gold Royalties Ltd:
Joseph de la Plante
Vice President, Corporate Development
Tel. (514) 940-0670