- Osisko Development Corp. (ODV) has closed the first tranche of a non-brokered private placement for gross proceeds of US$84.8 million
- The company issued 24,215,099 subscription receipts at a price of US$3.50
- The gross proceeds of the offering will be held by TSX Trust Company and released to the company upon the satisfaction of certain escrow release conditions
- Osisko Development is a premier gold development company in North America advancing the Cariboo Gold Project and other properties in Canada and Mexico
- Osisko Development Corp. (ODV) opened trading at C$4.72 per share
Osisko Development Corp. (ODV) has closed the first tranche of a non-brokered private placement for gross proceeds of US$84.8 million.
The company issued 24,215,099 subscription receipts at a price of US$3.50. Each subscription receipt entitles the holder to receive one additional unit. Each unit is comprised of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of US$6.00 for a period of five years.
The gross proceeds will be held by TSX Trust Company and released to the company upon the satisfaction of certain escrow release conditions, including the completion of the listing of the common shares on the New York Stock Exchange. If the escrow release conditions are satisfied on or before June 15, 2022, the escrowed funds will be released to the company. If the conditions are not met, the proceeds, together with interest, will be returned to the receipt holders.
Osisko plans to use the net proceeds to advance the development of the company’s mineral assets and for general corporate purposes.
All securities issued will be subject to a four-month hold period.
Osisko Development Corp. is a gold development company advancing the Cariboo Gold Project and other Canadian and Mexican properties.
Osisko Development Corp. (ODV) opened trading at C$4.72 per share.
