UPDATED -- Osisko Development to Close Further Tranches of Its Non-Brokered Private Placement of Units
08 Octobre 2024 - 2:17PM
Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") is pleased to announce, further to its
news release dated October 1, 2024, that the first tranche of its
offering was oversubscribed at the time of closing. The Company
intends to seek to close further tranches of its non-brokered
private placement for up to 13,888,888 units (the
"
Units") at a price of US$1.80 per Unit for
additional gross proceeds to the Company of up to approximately
US$25 million (the "
Offering"), the maximum amount
set out in the price reservation made by the Company under TSX
Venture Exchange Rules. There is no minimum Offering size required
to close further tranches of the Offering.
Further tranches of the Offering may be closed
from time to time. In addition, the Company continues to pursue
flexibility as it evaluates other sources of capital to refinance
its credit facility and advance its projects.
With the first tranche of the Offering
completed, the Company is well positioned to contemplate targeted
regional drilling on its 100% owned Cariboo Gold Project in B.C.,
Canada and its 100% owned Tintic Project in Utah, U.S.A.
The Company anticipates closing further tranches
as soon as possible, subject to certain conditions including, but
not limited to, the receipt of all necessary approvals. Consistent
with the first tranche of the Offering, no finder's fee or
commissions are payable in connection with the Offering.
Each Unit consists of one common share of the
Company (each, a "Common Share") and one Common
Share purchase warrant of the Company (each, a
"Warrant"), with each Warrant entitling the holder
thereof to purchase one additional Common Share (each, a
"Warrant Share") at a price of US$3.00 per Warrant
Share on or prior to October 1, 2029.
The Company intends to use the net proceeds of
the Offering towards the advancement of its Cariboo Gold Project
and Tintic Project, to partially repay its existing credit facility
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 of issue pursuant to applicable Canadian
securities laws. The Offering remains 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 in which such offer,
solicitation or sale would be unlawful. 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 absent registration
under the 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 a North American
gold development company focused on past-producing mining camps
located in mining friendly jurisdictions with district scale
potential. The Company's objective is to become an intermediate
gold producer by advancing its 100%-owned Cariboo Gold Project,
located in central B.C., Canada, the Tintic Project in the historic
East Tintic mining district in Utah, U.S.A., and the San Antonio
Gold Project in Sonora, Mexico. In addition to considerable
brownfield exploration potential of these properties, that benefit
from significant historical mining data, existing infrastructure
and access to skilled labour, the Company's project pipeline is
complemented by other prospective exploration properties. The
Company's strategy is to develop attractive, long-life, socially
and environmentally sustainable mining assets, while minimizing
exposure to development risk and growing mineral resources.
For further information, visit our website at
www.osiskodev.com or contact:
Sean Roosen |
Philip Rabenok |
Chairman
and CEO |
Director,
Investor Relations |
Email:
sroosen@osiskodev.com |
Email:
prabenok@osiskodev.com |
Tel: +1
(514) 940-0685 |
Tel: +1
(437) 423-3644 |
|
|
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
This news release contains "forward-looking
information" (within the meaning of applicable Canadian securities
laws) and "forward- looking statements" (within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995). Such
statements or information are identified with words such as
"anticipate", "believe", "expect", "plan", "intend", "potential",
"estimate", "propose", "project", "outlook", "foresee" or similar
words suggesting future outcomes or statements regarding any
potential outcome. Such statements in this news release may
include, without limitation, statements pertaining to: the
anticipated closing of a second tranche of the Offering, the
proceeds and timing for the closing of a second tranche of the
Offering, the use of proceeds from the Offering and the ability to
obtain the final acceptance of the TSX Venture Exchange. Such
forward-looking information or statements are based on a number of
risks, uncertainties and assumptions which may cause actual results
or other expectations to differ materially from those anticipated
and which may prove to be incorrect. Actual results could differ
materially due to a number of factors, including, without
limitation, satisfying the requirements of the TSX Venture Exchange
(if at all). Although the Company believes that the expectations
reflected in the forward-looking information or statements are
reasonable, prospective investors in the Company securities should
not place undue reliance on forward-looking statements because the
Company can provide no assurance that such expectations will prove
to be correct. Forward-looking information and statements contained
in this news release are as of the date of this news release and
the Company assumes no obligation to update or revise this
forward-looking information and statements except as required by
law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
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