Dalradian Resources accepts takeover bid from Orion Mine Finance

Lead Office

Montréal

Value

537.00 Million CAD

On June 21, 2018, Dalradian Resources ("Dalradian") announced that it has entered into a definitive arrangement agreement with Orion Mine Finance ("Orion"), whereby Orion will acquire all of the issued and outstanding common shares of Dalradian by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Under the terms of the arrangement agreement, the Dalradian shares held by certain members of the Dalradian senior management team, Osisko Gold Royalties Inc. (a shareholders of Dalradian), and Sean Roosen (a member of Dalradian’s Board of Directors and a principal of Osisko) (collectively, "Remaining Shareholders") will not be acquired by Orion. The Remaining Shareholders will receive cash consideration of C$1.47 for each Dalradian share held, valuing Dalradian's total equity at approximately C$537 million. Following the acquisition, Dalradian and Orion will work together to secure planning permission for the Curraghinalt mine using best-in-class mining, processing and environmental standards.

Osisko is an intermediate precious metal royalty company, headquartered in Montreal. Osisko has been a shareholder of Dalradian since October 2017.

Dalradian is a mineral exploration and development company, listed on TSX and London (AIM). Dalradian is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland.

McCarthy Tétrault is advising Osisko with a team led by Philippe Fortier that includes Philippe Leclerc and Eva Bellissimo.

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