Osisko Gold Royalties Ltd (TSX:OR)(NYSE:OR) announced that it has entered into a definitive agreement with Orion Mine Finance Group to acquire a high-quality precious metals portfolio of assets. ASW Law Limited acted as Bermuda legal counsel to Osisko Gold Royalties in their acquisition of 74 royalties, streams and precious metal offtakes from Orion Mine Finance Group for total consideration of C$1.125 billion, which acquisition involved the transfer of several Bermuda exempted companies held by Orion to Osisko.
The combination of Osisko and Orion’s portfolios will result in the Company holding a total of 131 royalties and streams, including 16 revenue-generating assets. The Company’s cornerstone asset remains the 5% net smelter return (NSR) royalty on the world class and long-life Canadian Malartic gold mine (Canada’s largest producing gold mine) and its 2 to 3.5% NSR royalty on the world class Éléonore gold mine. Through the Transaction, the Company gains a 9.6% diamond stream on the Renard diamond mine and a 4% gold and silver stream on the Brucejack gold and silver mine, all of which are new high-quality mines in Canada, in addition to a 100% silver stream on the substantial Mantos Blancos copper mine in Chile.
The team at ASW Law Limited was led by Neil Horner (Director, Head of Corporate) and Kim Willey (Senior Counsel, Consultant), and included Rebecca Vernon (Counsel) and Samantha Saunders (Associate). ASW Law Limited is a leading, specialist corporate and commercial law firm based in Bermuda, and has a depth of experience providing Bermuda legal advice in significant cross-border transactions involving listed companies.