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Osum Announces $100 Million Private Placement
Osum Oil Sands Corp. ("Osum" or the "Company") is pleased to announce that it has entered into an agreement (an "Investment Agreement") to issue, on a private placement basis, to a wholly-owned subsidiary of Korea Investment Corporation ("KIC") 7,692,308 common shares at $13.00 per share for total gross proceeds of approximately $100 million. The Investment Agreement also provides KIC with the right to participate in future equity financings, board observer rights and, in the event that KIC holds more than 10% of the outstanding common shares, the right to designate a nominee of the board of directors of Osum. After giving effect to the private placement, KIC will hold less than 10% of the outstanding common shares. The transaction is expected to close on or about November 26th, 2010 subject to satisfaction of customary closing conditions.