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Osisko boosts stake in NioGold Mining to 19.5%

An Osisko Gold operation.

daniel rompre/Osisko Gold

Osisko Gold Royalties said Friday it has increased its stake in NioGold Mining Corp. to 19.5 per cent.

The royalty company said it paid $4.9-million for 14 million flow-through shares of NioGold at a price of 35 cents per share.

Osisko now holds roughly 23.6 million shares in NioGold.

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The company also said it has bought the rights held by NioGold to repurchase half of the existing net smelter return royalties on the Marban block and Malartic Hygrade-NSM block for $150,000.

NioGold's land holdings within the Abitibi region in Quebec cover 130 square kilometres.

Osisko holds a royalty on the Canadian Malartic Gold Mine, located in Malartic, Que., as well as several other exploration projects.

NioGold shares closed at 32 cents on the TSX Venture Exchange on Thursday.

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