Osisko Development Corp. Announces Non-Brokered Private Placement
December 02 2020 - 7:59AM
Osisko Development Corp. (“
Osisko Development”)
(ODV: TSX-V) is pleased to announce that it has received initial
commitments in connection with a non-brokered private placement of
up to 1,333,333 units of Osisko Development
("
Units") at a price of CDN$7.50 per Unit or
US$5.75 per Unit, at the option of the subscriber, for aggregate
gross proceeds of up to CDN$10 million (either in Canadian dollars
of the U.S. dollar equivalent) (the "
Offering").
Each Unit will consist of one common share in the capital of Osisko
Development and one-half of one common share purchase warrant, with
each whole warrant entitling the holder to purchase one additional
common share in the capital of the Osisko Development at a price of
CDN$10.00 per share for a period of 18 months following closing of
the Offering. The Offering is subject to regulatory
approvals, including conditional listing approval of the TSX
Venture Exchange. The company may elect to increase the size of the
Offering by issuing additional units.
The proceeds of the Offering will be used to
further develop the Cariboo Gold Project, other exploration assets
of Osisko Development and for general corporate purposes. The Units
will be subject to applicable hold periods, including the typical
four month hold period from the date of closing. The Offering may
be closed in multiple tranches and is not subject to a minimum
offering.
Sean Roosen, Chair and Chief Executive
Officer of Osisko Development stated: “We are
excited to see the launch of Osisko Development has already
garnered a great deal of enthusiasm in the investment community.
This private placement contribution will help achieve our vision of
building on the rich past of the Cariboo Gold Project that began in
1860 into the prominent mining district it is becoming with each
new drill hole. With more than 83 kilometers (50 miles) of
mineralized trend identified and 8 drills turning, this is a very
unique project in the Canadian gold space”.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any securities in the
United States or any other jurisdiction. No securities may be
offered or sold in the United States or in any other jurisdiction
in which such offer or sale would be unlawful prior to registration
under the U.S. Securities Act of 1933 or an exemption therefrom or
qualification under the securities laws of such other jurisdiction
or an exemption therefrom.
About Osisko Development Corp.
Osisko Development Corp. is well-capitalized and
uniquely positioned as a premier gold development company in North
America to advance the Cariboo Gold Project and other Canadian and
Mexican properties, with the objective of becoming the next
mid-tier gold producer. The Cariboo Gold Project, located in
central British Columbia, is Osisko Development's flagship asset
with measured and indicated resource of 21.44 Mt at 4.6 Au g/t for
a total of 3.2 million ounces of gold and inferred resource of
21.69 Mt at 3.9 Au g/t for a total of 2.7 million ounces of gold.
The considerable exploration potential at depth and along strike
distinguishes the Cariboo Gold Project relative to other
development assets as does the historically low, all-in discovery
costs of US $19 per ounce. The Cariboo Gold Project is advancing
through permitting as a 4,750 tonnes per day underground operation
with a feasibility study on track for completion in the second half
of 2021. Osisko Development's project pipeline is complemented by
potential near-term production targeted from the San Antonio gold
project, located in Sonora Mexico and early exploration stage
properties including the Coulon Project and James Bay Properties
located in Québec as well as the Guerrero Properties located in
Mexico. Osisko Development will begin trading on the TSX Venture
Exchange under the symbol "ODV" on December 2, 2020.
For further
information about Osisko Development Corp., please
contact: |
|
|
Sean Roosen, CEO |
Jean Francois Lemonde, VP
Investor Relations |
Telephone: (514) 940-0685 |
Telephone: (514) 299-4926 |
Email:
sroosen@osiskodev.com |
Email:
jflemonde@osiskodev.com |
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Cautionary Note Regarding Forward-Looking
Information
Certain statements contained in this news
release may be deemed "forward‐looking statements" within the
meaning of applicable Canadian securities laws. 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, including with
respect to future production of mines, is based upon certain
material assumptions that were applied in drawing a conclusion or
making a forecast or projection, including management's perceptions
of historical trends, current conditions and expected future
developments, public disclosure from operators of the relevant
mines, as well as other considerations that are believed to be
appropriate in the circumstances. Osisko Development considers its
assumptions to be reasonable based on information currently
available, but cautions the reader that their assumptions regarding
future events, many of which are beyond the control of Osisko
Development, may ultimately prove to be incorrect since they are
subject to risks and uncertainties that affect Osisko Development,
and its business.
For additional information with respect to these
and other factors and assumptions underlying the forward‐looking
statements made in this news release concerning Osisko Development,
see the Filing Statement available electronically under Osisko
Development's issuer profile on SEDAR (www.sedar.com). The
forward‐looking statements set forth herein concerning Osisko
Royalties reflect management's expectations as at the date of this
news release and are subject to change after such date. The
forward‐looking statements set forth herein concerning Osisko
Development reflect management's expectations as at the date of
this news release and are subject to change after such date. Osisko
Development disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the TSX-V nor its Regulation
Services Provider (as that term is
defined in the policies of the TSX-V) 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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