Osisko Metals (TSX: OM) will receive a C$32.5 million ($23.2 million) investment from leading industry entities to advance its flagship Gaspé copper project in Quebec. The financing will be raised via a private placement of approximately67.66 million common shares priced at C$0.48 each. Key participants include Hudbay Minerals (TSX, NYSE: HBM), Agnico Eagle Mines (TSX, NYSE: AEM), Franco-Nevada (TSX, NYSE: FNV), and an unnamed institutional investor. Hudbay Minerals, a first-time investor in Osisko Metals, will acquire over29 million shares, representing4.3% of the company’s outstanding shares post-financing completion. Agnico Eagle and Franco-Nevada will purchase26 million and approximately4.16 million shares respectively, while the unnamed institutional investor will take up the remaining8.33 million shares.

Osisko Metals CEO Robert Wares noted the company’s pleasure in welcoming Hudbay as a new significant shareholder and thanked Agnico Eagle and existing strategic shareholders for their continued participation. Following the investment announcement, Osisko Metals’ stock surged more than12% to a near52-week high of C$0.55, pushing the company€..