Source: Osisko Development
  • Osisko Development Corp. (ODV) has announced a bought deal private placement for gross proceeds of $40 million
  • Nine million subscription receipts of Osisko and/or units will be issued at a price of $4.45 per receipt
  • The underwriters can purchase an extra 1.35 million subscription receipts for approximately $6 million
  • Osisko will use the proceeds to develop its mineral assets, develop properties held by Tintic, and for general corporate purposes
  • Osisko Development Corp. (ODV) is unchanged trading at $4.48 per share as of 11:08 a.m. EST

Osisko Development Corp. (ODV) has announced a bought deal private placement for gross proceeds of $40 million.

An aggregate of nine million subscription receipts of Osisko and/or units will be issued at a price of $4.45 per offered security.

Each unit will be comprised of one common share and one common share purchase warrant.

Each warrant entitles the holder to purchase one additional common share at a price of $7.60 per common share for five years after the closing date of the offering.

Each subscription receipt will entitle the holder to receive one unit.

Osisko has granted the underwriters an option to purchase up to an additional 1.35 million subscription receipts and/or units at the initial issue price for additional proceeds of up to $6 million.

The gross proceeds from the sale, expenses of the underwriters and 50 per cent of the commissions payable to them will be placed into escrow and will be released after the acquisition of Tintic Consolidated Metals LLC.

Osisko intends to use the net proceeds to develop its mineral assets, develop properties held by Tintic, and for general corporate purposes.

The offering is expected to close by March 2nd.

Osisko Development Corp. (ODV) is unchanged trading at $4.48 per share as of 11:08 a.m. EST.

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