Vancouver's Goldcorp Inc. (TSX:G) has increased its stake in Quebec-based Osisko Mining Corp. (TSX:OSK) through a $67.4 million investment in Osisko shares and warrants.
Goldcorp acquired approximately 8.5 million Osisko shares and 4.3 million share purchase warrants on the TSX. Each warrant is exercisable for one Osisko common share for $5.45 per share until November 17, 2009.
The investment represents approximately 3.2% of the total number of Osisko's outstanding shares before exercising any warrants and 4.8% if all warrants were exercised.
The investment increases Goldcorp's stake to 33.8 million shares, or roughly 12.9% of the Osisko's outstanding shares.
Goldcorp said it acquired the shares and warrants for investment purposes and has no present intention to change its shareholders in response to market conditions, or the business and prospects of Osisko.
Goldcorp's share price range during the past week: between $39.27 and $41.65; 52-week high: $44.90; 52-week low: $17.77.