- Osisko Development Corp. (ODV) upsizes its private placement to 31.5 million subscription receipts for US$110.3M
- The gross proceeds will be held in escrow pending completion of listing of the company’s common shares on the New York Stock Exchange
- Osisko will use the proceeds to advance the development of its mineral assets and for general corporate purposes
- Osisko Development Corp. (ODV) is up 1.22 per cent and is trading at $4.97 per share as of 4:14 p.m. EST
Osisko Development Corp. (ODV) has upsized its previously announced non-brokered private placement.
The company will issue 31.5 million subscription receipts for proceeds of US$110.3M.
Osisko Development can continue to increase the size of the offering by issuing additional subscription receipts.
Each subscription receipt issued will entitle the holder to receive one unit of Osisko Development.
Each unit will consist of one common share of Osisko Development and one common share purchase warrant.
Each warrant entitles the holder to purchase one extra common share at a price of US$6.00 per common share for five years after issuance.
The gross proceeds will be held in escrow pending completion of the listing of the common shares on the New York Stock Exchange.
The listing is contingent upon Osisko Development meeting the requirements of the New York Stock Exchange and may involve consolidation of the common shares.
If the conditions are met, then Osisko Development will intend to use the proceeds to advance the development of its mineral assets and for general corporate purposes.
Osisko Development Corp. (ODV) is up 1.22 per cent and is trading at $4.97 per share as of 4:14 p.m. EST.