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.
