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Osisko Development Closes Previously-Announced CDN$40.3 Million “Bought Deal” Brokered Private Placement of Units

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Osisko Development Closes Previously-Announced CDN$40.3 Million “Bought Deal” Brokered Private Placement of Units

 

 

 

 

 

Osisko Development Corp. (TSX-V: ODV) is pleased to announce the successful completion of its previously-announced “bought deal” brokered private placement of 5,367,050 units of the Corporation at a price of CDN$7.50 per Unit for aggregate gross proceeds of approximately CDN$40.3 million, including the exercise in full of the underwriters’ option. 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 on or prior to December 1, 2023.

 

The net proceeds of the Offering will be used to further develop the Cariboo Gold Project and other exploration assets of Osisko Development, and for general corporate purposes.

 

The Offering was co-led by Canaccord Genuity Corp. and National Bank Financial Inc., on behalf of a syndicate of underwriters that included Eight Capital, RBC Dominion Securities Inc., CIBC World Markets Inc., Desjardins Securities Inc., PI Financial Corp., Raymond James Ltd., Scotia Capital Inc., Haywood Securities Inc., Industrial Alliance Securities Inc., and Paradigm Capital Inc. In consideration for their services, the Corporation paid the underwriters a cash commission equal to 5.0% of the gross proceeds of the Offering.

 

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.

 

Osisko Development is also pleased to announce that it expects to close its previously-announced non-brokered private placement of Units on or about January 8, 2020.

 

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

Posted December 30, 2020

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