Glencore Canada Corporation has exercised its right to convert a US$25 million senior secured convertible debenture issued by Osisko Metals Incorporated (TSX: OM; OTCQX: OMZNF; Frankfurt: OB51) into company securities, according to a press release from Osisko Metals. The conversion remains subject to final approval from the Toronto Stock Exchange.

Following a conversion notice delivered on June 25, 2026, the US$25 million principal was converted into 88,962,500 units at C$0.40 per unit, with each unit consisting of one common share and one-half of one common share purchase warrant at an exercise price of C$0.46.

Accrued and unpaid interest of US$7,617,438.72 was separately converted into 6,862,444 units at C$1.58 per unit, the closing share price on June 24, 2026. Warrants from the interest conversion carry an exercise price of C$1.68 per common share and expire on August 7, 2026.

Glencore Canada also exercised, on a cashless basis, all 44,481,250 warrants issued from the principal conversion, resulting in the issuance of 32,301,860 additional common shares.

After the transactions, Glencore Canada holds 128,126,804 common shares and 3,431,222 warrants, representing approximately 14.4% of Osisko Metals' issued and outstanding common shares on a non-diluted basis, and 14.7% on a partially diluted basis. Prior to the conversion, Glencore Canada held no common shares in the company. Osisko Metals had 890,686,461 common shares outstanding following completion of the transactions.