06:35 AM EDT, 08/12/2024 (MT Newswires) -- Osisko Mining ( OBNNF ) on Monday agreed to be bought by joint venture partner Gold Fields for $4.90 per share in an all-cash transaction valued at about $2.16 billion on a fully diluted basis.

The price Gold Fields is paying is a premium of approximately 55% compared with the 20-day volume weighted average price per share on the Toronto Stock Exchange for the period ending August 9, the last trading day prior to the deal announcement.

Gold Fields will make the acquisition through a 100% owned Canadian subsidiary.

Osisko's board is unanimously recommending shareholders vote in favor of the deal, which is expected to be in the fourth quarter.

"This premium transaction represents a strong and near-term outcome for our shareholders and is reflective of the truly world class nature of the Windfall Project," Osisko's Chairman and Chief Executive Officer John Burzynski said in the statement said. "In the span of nine years, we've transformed Windfall into one of the largest and highest-grade gold development projects globally."

"We are pleased to consolidate the remaining 50% interest of the advanced-stage Windfall Project and its highly prospective exploration camp," said Gold Fields Chief Executive Officer Mike Fraser. " Over the past two years, beginning with our initial due diligence in 2022 and throughout our joint ownership of the Project, since May 2023 with Osisko, we have developed a strong understanding of Windfall and its potential, and view it as the next long-life cornerstone asset in our portfolio."