Osisko Delivers Shares Of AuRico Metals To Centerra
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.