Minera Alamos (TSX.V: MAI)
Osisko Development Corp. (TSX.V: ODV) announced that it has disposed of a total of 34,290,000 common shares Minera Alamos Inc. at a price ranging from $0.50 to $0.57 per common pursuant to market dispositions performed from October 25, 2021 to December 29, 2021 for gross proceeds of $18,532,170.
Following this, ODV now owns, 41,790,000 common shares of Minera Alamos representing approximately 9.4% […]
|TSX.v : MAI
|C$245 m @ 55c
|Sonora, Zacatecas, Durango states – Mexico
Well I have been wondering Why the Minera Alamos share price has been weak over the last few months as the company commenced production, and here we have the answer!
Osisko Development have sold down quite a chunk of shares, so it’s positive that Minera’s share price has held up so well in my opinion.
Osisko still hold around 43 million shares, or 9.4% of the company, which, without knowing their intentions, is a potential overhang on the price, and may well hold it back at a time when it should be rising, in my opinion.
Whilst recognising that Osisko should rightly do whatever they consider benefits their shareholders the most, a statement of intent from them regarding their remaining Minera shareholding would help, in my view.
Minera Alamos price held back by Osisko selling down its holding
MONTRÉAL, Jan. 07, 2022 (GLOBE NEWSWIRE) — Osisko Development Corp. (“Osisko Development” or the “Company”) (TSX.V: ODV) announces that it has disposed of a total of 34,290,000 common shares Minera Alamos Inc. (TSX.V: MAI) (“Minera Alamos”), at a price ranging from $0.50 to $0.57 per common pursuant to market dispositions performed from October 25, 2021 to December 29, 2021 for gross proceeds of $18,532,170 (the “Transaction”).
Immediately prior to the closing of the Transaction, the Company held, directly or indirectly, 76,080,000 common shares of Minera Alamos representing approximately 17.1% of Minera Alamos’ issued and outstanding common shares prior to the closing.
Immediately following the closing of the Transaction, Company owned, directly or indirectly, 41,790,000 common shares of Minera Alamos representing approximately 9.4% of the issued and outstanding common shares of Minera Alamos.
The Company disposed of the securities described in this press release in accordance with applicable securities laws, the Company may, from time to time and at any time, acquire common shares and/or other equity, debt or other securities or instruments (collectively, “Securities”) of Minera Alamos 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 Minera Alamos and other relevant factors.
A copy of the early warning report to be filed by the Company in connection with the Transaction described above will be available on SEDAR under Minera Alamos’ profile. This news release is issued under the early warning provisions of the Canadian securities legislation.
About Osisko Development Corp.
Osisko Development Corp. is uniquely positioned as a premier gold development company in North America to advance the Cariboo Gold Project and other Canadian and Mexican properties, with the objective of becoming the next mid-tier gold producer.
The Cariboo Gold Project, located in central British Columbia, is Osisko Development’s flagship asset with measured and indicated resources of 21.44 Mt at 4.6 Au g/t for a total of 3.2 million ounces of gold and inferred resource of 21.69 Mt at 3.9 Au g/t for a total of 2.7 million ounces of gold (see NI 43-101 Technical Report and mineral resource estimate effective October 5th, 2020).
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