Osisko Metals converts Glencore Canada US$25 million debenture
Key facts
- Financing
- +0.5 wt @ $0.46
TORONTO, July 13, 2026 (GLOBE NEWSWIRE) -- Osisko Metals Incorporated (the " Company " or " Osisko Metals ") (TSX: OM; OTCQX: OMZNF; FRANKFURT: OB51) announces that Glencore Canada Corporation (" Glencore Canada "), the holder of the Company's US$25,000,000 senior secured convertible debenture dated July 14, 2023 (the " Convertible Debenture "), has exercised its right to convert the Convertible Debenture into securities of the Company in accordance with its terms, as more particularly described below. Conversion of the Convertible Debenture remains subject to the final approval of the Toronto Stock Exchange (the " TSX ").
Pursuant to a conversion notice delivered by Glencore Canada on June 25, 2026 (the " Conversion Notice "), the initial principal amount of US$25,000,000 under the Convertible Debenture, together with all capitalized and uncapitalized, unpaid and accrued interest thereunder (the " Interest "), have been converted into units of the Company (the " Units "). Each Unit consists of one common share of the Company (a " Common Share ") and one-half of one common share purchase warrant of the Company (each whole warrant, a " Warrant ").
Conversion of Initial Principal : The conversion of the initial principal amount of the Convertible Debenture (US$25,000,000) resulted in the issuance of 88,962,500 Units, consisting of 88,962,500 Common Shares and 44,481,250 Warrants, at a conversion price of C$0.40 per Unit. Each Warrant issued in respect of the conversion of the initial principal had an exercise price of C$0.46 per Common Share.
Conversion of Interest : The conversion of the Interest (US$7,617,438.72) resulted in the issuance of 6,862,444 Units, consisting of 6,862,444 Common Shares and 3,431,222 Warrants, at a conversion price of C$1.58 per Unit, being the closing price of the Common Shares on the TSX on June 24, 2026 (the date preceding the date of the Conversion Notice) in accordance with the terms of the Convertible Debenture. Each Warrant issued in respect of the conversion of Interest has an exercise price of C$1.68 per Common Share.
Glencore Canada has elected to exercise, on a cashless basis, all 44,481,250 Warrants issued pursuant to the conversion of the initial principal amount of the Convertible Debenture, at an exercise price of C$0.46 per Common Share, resulting in the issuance of an aggregate of 32,301,860 Common Shares to Glencore Canada (the " Warrant Exercise ").
Glencore Canada continues to hold the 3,431,222 Warrants issued pursuant to the conversion of the Interest. These Warrants expire on August 7, 2026.
After giving effect to the transactions described above, Glencore Canada beneficially owns or controls, directly or indirectly, 128,126,804 Common Shares and 3,431,222 Warrants, representing approximately (i) 14.4% of the issued and outstanding Common Shares on a non-diluted basis, and (ii) 14.7% of the Common Shares on a partially-diluted basis (assuming for this purpose only the exercise of the 3,431,222 Warrants held by Glencore Canada).