TORONTO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Osisko Green Acquisition Limited (TSX: "GOGR" and "GOGR.WT") ("Osisko Green" or the "Corporation") announced today that its board of directors has determined that the Corporation will be wound-up in accordance with its articles and the policies of the Toronto Stock Exchange and that the Corporation's Class A restricted voting shares will be automatically redeemed on or about September 8, 2023, the expiry of the permitted timeline to complete a qualifying transaction.

The Corporation's board of directors has determined that it is in the best interests of Osisko Green and its shareholders to be wound-up as they do not believe that an appropriate qualifying transaction can be identified and completed within the Corporation's permitted timeline, as extended. Since its initial public offering, the Corporation identified and engaged with a number of attractive potential targets. However, due to changing financial market conditions and economics in the Green Energy Commodities Sector, the Corporation has been unable to consummate a transaction that meets its investment criteria. Accordingly, and after considering investor feedback, Osisko Green will not seek a further extension to its permitted timeline and the special meeting of holders of Class A restricted voting shares scheduled for August 31, 2023 will be cancelled.

The redemption amount per Class A restricted voting share is expected to be, as provided under the Corporation's articles, approximately $10.31 per share based on the value of the escrow account as of the date hereof. Payment of the redemption amount, net of applicable taxes and other permitted deductions, will constitute the Corporation's final payment in respect of the liquidation of the escrow account that holds the proceeds of the Corporation's initial public offering. There will be no distributions from the escrow account with respect to the Corporation's Class B shares or warrants, which will terminate in accordance with their terms. The Corporation's Class A restricted voting shares will be delisted from the Toronto Stock Exchange following the redemption of the shares. Pursuant to the Corporation's articles the redemption date must be within 10 days following the last day of the permitted timeline.

About Osisko Green Acquisition Limited

The Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination within a specified period of time.

FOR FURTHER INFORMATION PLEASE CONTACT:

Osisko Green Acquisition Limited
Alexander Dann
Chief Financial Officer & Corporate Secretary
[email protected]