MONTRÉAL, QUÉBEC–(Marketwired – June 1, 2017) – Bowmore Exploration Ltd. (the “Company”) (TSX VENTURE:BOW)(FRANKFURT:0B5) is pleased to announce that it is changing its name to Osisko Metals Incorporated (“Osisko Metals”) in order to create a new base metal-focused exploration and development company within the Osisko group of companies. Osisko Metals will be focused in Eastern Canada in the medium term with an emphasis on zinc development properties. Since January 2017, the Company has acquired and staked significant land positions covering several key zinc and zinc-lead targets in New Brunswick’s Bathurst Mining Camp and in several regions across the province of Québec (see March 7, April 20 and May 25, 2017 press releases).
The Company will also proceed with a three to one (3 to 1) share consolidation (the “Consolidation”) concurrent with the name change to better prepare for future growth. Following the Consolidation, Osisko Metals will have 29,580,320 shares issued and 32,913,098 shares outstanding on a fully diluted basis. The Company’s insiders and four major shareholders, who collectively own over 60% of the total issued common shares, have expressed support for the Company to proceed with the Consolidation. The Company is to commence trading as Osisko Metals on a post-Consolidation basis under the new symbol TSXV: OM following the receipt of TSX Venture Exchange approval to the change of name and consolidation.
The Board of Bowmore is also pleased to announce the nomination of Mr. Jeff Hussey as incoming President and CEO of Osisko Metals. Mr. Hussey is a Professional Geologist with over 30 years’ experience in base metal exploration and mine development in both open-pit and underground operations, including 20 years with Noranda Inc. and Xstrata Inc., overseeing exploration and resource development at Brunswick No. 12 and Gaspé Copper mines; at the Antamina mine in Peru as member of the start-up team and as part of the process optimization team at the Raglan mine in Northern Québec. More recently, Mr. Hussey worked for Champion Iron Mines on the development of iron projects in Québec’s North Shore region.
Mr. Paul Dumas, current President of Bowmore, will continue with Osisko Metals as Executive Vice-President (Finance) and Chief Financial Officer.
Osisko Metals’ incoming President, Mr. Jeff Hussey, stated: “The name change and the share consolidation represent a new beginning for future growth of the Company in base metal exploration and development, especially in the expanding zinc market. With this restructuring, we are creating a new base metal vehicle that will be solidly backed by the Osisko group. With several major mine closures in recent years intensifying the supply shortage of zinc, coinciding with the growing demand for base metals created by global infrastructure projects, we believe that the creation of Osisko Metals is timely and that the new Company will be very well positioned to capitalize on this growing market opportunity.”
About BOWMORE EXPLORATION LTD.
Under its new name, Osisko Metals Incorporated, the Company intends on becoming a leading Canadian base metal exploration and development company focused on zinc in Canada. In 2017, the company acquired the majority of the Brunswick Belt in the Bathurst Mining Camp (“BMC”), a major zinc-lead-silver producing district. In Quebec, the company acquired 42,000 hectares that cover 12 grass-root zinc properties that will be selectively advanced in 2017. Osisko Gold Royalties Ltd. (TSX:OR)(NYSE:OR) is a significant shareholder of the Company with approximately 20.5% ownership.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information provided in this news release about the exploration and/or resource development projects, including new results from drill programs, the significance of assay results, potential mineralization, including the discovery of new mineralized zone, the potential to extend mineralization in any direction, the ability to complete any proposed exploration activities and the results of such activities, the continuity or extension of any mineralization and any other information herein that is not a historical fact, may all be forward-looking information. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Company to complete further exploration activities, including drilling; property interests in the relevant projects; the ability of the Company to obtain required approvals and complete transactions on terms announced; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions.
Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Company cannot guarantee shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.