Osisko Development Announces Oversubscribed and Fully Allocated Private Placement of Units
October 24 2024 - 5:24PM
Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") is pleased to announce its private
placement offering ("
Offering") of units of the
Company ("
Units"), announced on October 23, 2024,
was oversubscribed and has been fully allocated. This Offering is
expected to close on or about November 12, 2024, pursuant to which
an aggregate of 31,944,700 Units are expected to be issued at a
price of US$1.80 per Unit for gross proceeds of US$57,500,460
(including the exercise in full of the agents' option).
Sean Roosen, Chair and CEO of Osisko
Development, commented:
"This Offering, together with recent financings,
strengthens Osisko Development's balance sheet and provides the
resources necessary to repay a meaningful portion of our existing
credit facility with National Bank – avoiding certain ongoing fees
– and fund key upcoming milestones at the Cariboo Gold Project,
including the final stages of its permitting process, an updated
feasibility study, and the ongoing bulk sample work. It will also
accelerate pre-construction activities at Cariboo."
The Offering is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the conditional approval from the New York
Stock Exchange and the TSX Venture Exchange. All securities issued
under the Offering will be subject to a hold period expiring four
months and one day from the Closing Date.
The securities have not been registered under
the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any U.S. state
securities laws, and may not be offered or sold to, or for the
account or benefit of, persons in the "United States" or "U.S.
persons" (as such terms are defined in Regulation S under the U.S.
Securities Act) absent registration under the U.S. Securities Act
and all applicable U.S. state securities laws or compliance with an
exemption from such registration requirements. This news release is
not an offer to sell or the solicitation of an offer to buy the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to qualification or registration under
the securities laws of such jurisdiction.
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 size of
the Offering, the use of the net proceeds from the Offering, the
closing of the Offering and the ability to obtain the necessary
regulatory authority approvals. 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
conditions of closing for the Offering, including the requirements
of the New York Stock Exchange and 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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