Make Kitco Your Homepage

Osisko Delivers Shares Of AuRico Metals To Centerra

Kitco News

Osisko Gold Royalties Ltd. (TSX, NYSE: OR) reports that it has delivered its shares of AuRico Metals Inc. to Centerra Gold Inc. (TSX: CG) for $1.80 per share for proceeds of $25.5 million, generating a 155% return on the investment. The deal was previously announced. Osisko maintains an investment portfolio in other publicly held resource companies. ”The investment portfolio is a key part of our business plan and enables the company to create great value for its shareholders,” says Sean Roosen, chair and chief executive officer of Osisko. Meanwhile, Centerra says it has acquired all of the outstanding shares of AuRico. “With the completion of the acquisition of AuRico Metals, we have expanded our existing development pipeline to include a de-risked brownfield development asset, located in Canada; as well, we are adding a high-quality, free cash flow-generating royalty portfolio,” says Scott Perry, president and chief executive officer of Centerra. “The Kemess property has the potential to be a low-cost, long-life, significant gold and copper producer.” Centerra says it plans to have AuRico Metals common shares delisted on the Toronto Stock Exchange.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News