12:34 PM EDT, 03/27/2019 (MT Newswires) -- Osisko Mining (OSK.TO) on Wednesday said it planned $100 million spinout of assets, carried out as a reverse takeover of Chantrell Ventures, will include its Garrison gold deposit in Ontario and the Marbin property in Quebec.

The company said in addition to the two properties, the spinout company will also receive other exploration properties with a deemed value of $5 million, as well as $10 million in marketable securities.

Osisko said in February it would spinout the properties into Chantrell, which will be renamed 03 Mining, as it concentrates its operations on its Windfall project in Quebec. It is nominating its current executive vice-president, strategic development,Jose Vizquerra-Benavides, as 03's chief executive.

It also said a private placement financing of subscription receipts by Chantrell has been raised to $18.27 million from $12.03 million.

Osisko did not say when it expects to complete the spinout.

The company's shares were last seen unchanged at $3.29 on the Toronto Stock Exchange.

Price: 3.30, Change: +0.01, Percent Change: +0.30