Osisko Development and Electric Elements File Early Warning Report for Niobay Metals Inc.
Osisko Development Corp. has increased its stake in Niobay Metals Inc. through a private placement. The company purchased over 8.5 million units for just over $1.2 million. This move raises its ownership to more than 12% of Niobay’s common shares.
The deal involved 8,571,429 units, each containing one common share and one warrant. Osisko paid $1,200,000.06 in total for the acquisition. Before this purchase, the firm already held around 10.8% of Niobay’s issued shares.
After completing the transaction, Osisko’s ownership grew to approximately 12.3% on a basic basis. When accounting for potential dilution from warrants, its stake rises to about 16.2%.
Osisko stated that the acquisition was made for investment purposes. The company also noted it may buy or sell more securities in the future, depending on market conditions and Niobay’s business performance.
The private placement strengthens Osisko’s position as a significant shareholder in Niobay Metals. The deal adds to its existing holdings, bringing the total to over 12% of the company’s shares. Future transactions will depend on market factors and Niobay’s progress.
