Mr. John Burzynski reports

OSISKO MINING ANNOUNCES $30 MILLION BOUGHT DEAL EQUITY FINANCING OF UNITS

Osisko Mining Inc. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and Canaccord Genuity Corp., under which the underwriters have agreed to buy, on a bought-deal private placement basis, 8.83 million units of the corporation at a price of $3.40 per unit for aggregate gross proceeds of approximately $30-million. Each unit comprises one common share of the corporation and one whole common share purchase warrant of the corporation. Each warrant will entitle the holder thereof to purchase one common share at a price of $5.00 per share, for a period of 18 months following the closing date of the offering.

In addition, Osisko has agreed to grant to the underwriters an option, exercisable up to 48 hours prior to the closing of the offering, to purchase up to an additional 1,324,500 units at a price of $3.40 per unit, and otherwise on the same terms and conditions as the offering. The underwriters can elect to exercise the underwriters' option for units only, common shares only or warrants only, or any combination thereof. If the underwriters' option is exercised in its entirety, the aggregate gross proceeds of the offering would be approximately $35-million.

The corporation intends to use the net proceeds of the offering to continue exploration and development of the Windfall Lake gold project and for general corporate purposes.

The offering is anticipated to close on or about Feb. 28, 2017, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities. The securities issued under the offering will be subject to a hold period expiring four months and one day from the closing date of the offering.

The corporation has concurrently announced a bought-deal private placement of 5.45 million flow-through common shares of the corporation at a price of $5.52 per share for aggregate gross proceeds of approximately $30-million. That offering is expected to close on or about Feb. 28, 2017, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

About Osisko Mining Inc.

Osisko Mining is a mineral exploration company focused on the acquisition, exploration and development of precious metal resource properties in Canada. Osisko holds a 100-per-cent interest in the high-grade Windfall Lake gold deposit located between Val d'Or and Chibougamau in Quebec and holds a 100-per-cent undivided interest in a large area of claims in the surrounding Urban Barry area (82,400 hectares), a 100-per-cent interest in the Marban project located in the heart of Quebec's prolific Abitibi gold mining district and properties in the Larder Lake mining division in northeast Ontario, including the Jonpol and Garrcon deposits on the Garrison property, the Buffonta past-producing mine, and the Gold Pike mine property. Osisko has approximately $90-million in cash and cash equivalents as well as equity investments of approximately $50-million.

We seek Safe Harbor.