Vior closes option agreement with Osisko Mining

VIOR announced, following the closing on March 28, 2024 of Vior’s $19.3 million offering that included a combination of units of the Corporation and subscription receipts of the Corporation, that the Escrow Release Conditions relating to the Subscription Receipts have been satisfied. This has resulted in the Subscription Receipts being automatically converted into Units, and the Escrowed Funds being released to Vior. In connection with the Offering, 19,840,000 Subscription Receipts were issued to Osisko Mining at an issue price of $0.125 per Subscription Receipt, for gross proceeds of approximately $2.48 million. Each Unit is comprised of one common share of the Corporation and one-half of one common share purchase warrant of the Corporation. Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.21 per Share until March 28, 2026. The gross proceeds from the sale of the Subscription Receipts, together with any interest earned thereon, were placed into escrow on March 28, 2024 and have now been released to the Corporation, following the satisfaction of the Escrow Release Conditions. This included, among other things, Vior having obtained the requisite approval of its shareholders and the TSX Venture Exchange to authorize Osisko Mining to become a “Control Person” of the Corporation, upon conversion of the Subscription Receipts, the Corporation and Osisko Mining having entered into an amended Investor Rights Agreement, and the Corporation and Osisko Mining having entered into a Royalty Option Agreement on the Corporation’s Belleterre Gold Project.