Published on: 1/4/2013 11:02:37 AM Print | Font Sizes:  Normal Text Large Text

Osisko wraps up Queenston acquisition

By: Northern Ontario Business staff

Osisko Mining announced Dec. 28 of the successful completion of a plan of arrangement on its acquisition of Queenston.

Osisko has acquired all of the issued and outstanding common shares of Queenston Mining. Each former Queenston shareholder is entitled to receive 0.611 of an Osisko common share for each Queenston common share held.

Osisko intends to cause Queenston to delist its common shares from the Toronto Stock Exchange and OTCQX and terminate its public reporting requirements as soon as possible.

The common shares of Osisko are expected to be listed and trading on the TSX on or about December 31, 2012.
"We are very pleased to have concluded the transaction and to move into the prolific Kirkland Lake Gold Camp. We would also like to thank the Queenston board of directors, management and shareholders for their hard work and support in this transaction", said Sean Roosen, Osisko president and chief executive officer.

Queenston shareholders approved the company's acquisition by Osisko on Dec. 20.

In November, Montreal's Osisko announced a friendly acquisition to acquire Queenston in an all-stock deal valued at about $550 million.

Queenston has holdings in the Kirkland Lake gold camp with six deposits, including its flagship Upper Beaver project which is progressing to a new shaft development this year.

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