Osisko Development to Complete Second Deferred Payment Installment in Connection With the Tintic Acquisition
June 03 2024 - 7:00AM
Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") announces that, in accordance with the
terms of the Company's previously-completed acquisition of a 100%
ownership interest in the Tintic Project, located in Utah, U.S.A.,
in May 2022 (the "
Tintic Acquisition"), the
Company intends to satisfy the second of five deferred payments
(the "
Second Deferred Payment") to the sellers of
the Tintic Project (the "
Sellers") in common
shares of the Company ("
Common Shares").
The Second Deferred Payment of US$2,500,000 (or
C$3,418,500 based on a USD/CAD exchange rate of 1.3674) is expected
to be paid entirely in Common Shares at a deemed price of C$2.7829
per Common Share (based on the 20-day VWAP as of May 23, 2024),
resulting in the issuance of 1,228,394 Common Shares to the Sellers
in full satisfaction of the Second Deferred Payment.
The issuance of the Common Shares in
satisfaction of the Second Deferred Payment remains subject to the
approval of the TSX Venture Exchange.
For additional details regarding the Tintic
Acquisition, please refer to the Company's news releases dated
January 25, 2022 (entitled "Osisko Development Announces Proposed
Acquisition of Tintic Consolidated Metals") and May 30, 2022
(entitled "Osisko Development Completes Acquisition of Tintic
Consolidated Metals, Finalizes Binding Stream Terms and Satisfies
Escrow Release Condition For Brokered Subscription Receipt
Financing").
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
Certain statements contained in this news
release may be deemed "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and "forward-looking information" within the meaning of
applicable Canadian securities legislation (together,
"forward-looking statements"). These forward-looking statements, by
their nature, require Osisko Development to make certain
assumptions and necessarily involve known and unknown risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in these forward-looking
statements. Forward-looking statements are not guarantees of
performance. Words such as "may", "will", "would", "could",
"expect", "believe", "plan", "anticipate", "intend", "estimate",
"continue", or the negative or comparable terminology, as well as
terms usually used in the future and the conditional, are intended
to identify forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including the assumptions, qualifications
and limitations relating to the ability and timing of the Company
completion of the Second Deferred Payment and the TSX Venture
Exchange's final approval of the issuance of the Common Shares in
satisfaction of the Second Deferred Payment. Although the Company's
believes the expectations conveyed by the forward-looking
statements are reasonable based on information available as of the
date hereof, no assurances can be given as to future results,
levels of activity and achievements. The Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by law. Forward-looking statements are not
guarantees of performance and there can be no assurance that these
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
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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