Mr. John Burzynskireports
OSISKO MINING INC. FILES EARLY WARNING REPORT IN RESPECT OF BEAUFIELD RESOURCES INC.
Osisko Mining Inc. has filed an early warning report in respect of its holdings in Beaufield Resources Inc. The corporation, through its wholly owned subsidiary O3 Investments Inc., acquired beneficial ownership of, or control and direction over, 16,923,500 common shares of Beaufield by way of a share purchase agreement transaction (and not through the facilities of the TSX Venture Exchange), representing approximately 8.2 per cent of the issued and outstanding common shares of Beaufield at a price of 14 cents per BFD share for total consideration of $2,369,290. After giving effect to the purchase, the corporation, through its wholly owned subsidiary O3 Investments, acquired beneficial ownership of, or control and direction over, additional BFD shares in an amount equal to more than 2 per cent of the outstanding BFD shares, thereby triggering the requirement to file an early warning report.
Prior to giving effect to the purchase, the corporation, through its wholly owned subsidiary O3 Investments, held beneficial ownership of, or control and direction over, 39,197,300 BFD shares, representing approximately 18.8 per cent of the number of issued and outstanding BFD shares. After giving effect to the purchase, the corporation, through its wholly owned subsidiary O3 Investments, held beneficial ownership of, or control and direction over, 56,181,300 BFD shares, representing approximately 27.0 per cent of the number of issued and outstanding BFD shares.
The corporation, through its wholly owned subsidiary O3 Investments, acquired the purchased shares for investment purposes. The corporation has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of Beaufield. The corporation reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate.
The corporation completed the purchase in reliance on the private agreement exemption in Section 4.2 of National Instrument 62-104 (Take-Over Bids and Issuer Bids). The corporation purchased the purchased shares from fewer than five sellers and at a price less than 115 per cent of the market price, in each case as calculated in NI 62-104.
This news release is being issued in accordance with National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in connection with the filing of an early warning report dated Jan. 10, 2018. The early warning report respecting the purchase has been filed on SEDAR under Beaufield's issuer profile. To obtain a copy of the early warning report filed by the corporation, please contact John Burzynski at 416-363-8653 or refer to SEDAR under Beaufield's issuer profile.
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