Osisko Development Corp. (TSX-V:ODV) is pleased to announce that it has successfully completed the final tranche of its previously-announced non-brokered private placement of units. Under this tranche, the Corporation issued a total of 1,515,731 Units at a price of CDN$7.50 per Unit (or the U.S. dollar equivalent of US$5.75 per Unit) for aggregate gross proceeds of approximately CDN$11.2 million. Each Unit consists of one common share of the Corporation and one-half of one common share purchase warrant of the Corporation, with each whole Warrant entitling the holder thereof to acquire one common share of the Corporation at a price of CDN$10.00 per share (or the prevailing U.S. dollar equivalent at the time of exercise) on or prior to December 1, 2023.
Since October 2020, Osisko Development had successfully raised more than CDN $220 million. The Corporation previously closed the first tranche of its non-brokered private placement with gross proceeds of approximately CDN $68.8 million on January 8, 2021; together with the second tranche, the Corporation has raised an aggregate of approximately $80 million through its non-brokered private placement.
The proceeds of the Offering will be used to further develop the Cariboo Gold Project, advance the San Antonio gold project towards production and for general corporate purposes. All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof. The Offering is subject to final acceptance of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful prior to registration under U.S. Securities Act of 1933 or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.
About Osisko Development Corp.
Osisko Development Corp. is well-capitalized and uniquely positioned as a premier gold development company in North America to advance the Cariboo Gold Project and other Canadian and Mexican properties, with the objective of becoming the next mid-tier gold producer. The Cariboo Gold Project, located in central British Columbia, is Osisko Development’s flagship asset with measured and indicated resource of 21.44 Mt at 4.6 Au g/t for a total of 3.2 million ounces of gold and inferred resource of 21.69 Mt at 3.9 Au g/t for a total of 2.7 million ounces of gold. The considerable exploration potential at depth and along strike distinguishes the Cariboo Gold Project relative to other development assets as does the historically low, all-in discovery costs of US $19 per ounce. The Cariboo Gold Project is advancing through permitting as a 4,750 tonnes per day underground operation with a feasibility study on track for completion in the second half of 2021. Osisko Development’s project pipeline is complemented by potential near-term production targeted from the San Antonio gold project, located in Sonora Mexico and early exploration stage properties including the Coulon Project and James Bay Properties located in Québec as well as the Guerrero Properties located in Mexico.
Solaris Resources Inc. (TSX: SLS) (OTCQB: SLSSF) is pleased to re... READ MORE
Mako Mining Corp. (TSX-V: MKO) (OTCQX: MAKOF) is pleased to repo... READ MORE
Labrador Gold Corp. (TSX.V:LAB) (OTCQX:NKOSF) (FNR: 2N6) is pleas... READ MORE
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) reports consolidated p... READ MORE
IMC International Mining Corp. (CSE:IMCX) (OTCQB:IMIMF) (FRA:3MX)... READ MORE