Osisko Development Corp. Further Upsizes Previously-Announced Private Placement to CDN $85 Million
December 08 2020 - 11:54AM
Osisko Development Corp. ("
Osisko Development" or
the "
Corporation") (ODV: TSX-V) is pleased to
announce, further to its news release of earlier this morning, that
the private placement of units of the Corporation
("
Units") has been upsized by an additional CDN $5
million such that (i) the "bought deal" private placement co-led by
Canaccord Genuity Corp. and National Bank Financial Inc., on behalf
of a syndicate of underwriters, will comprise 4,667,000 Units for
gross proceeds of approximately CDN $35 million, and (ii) the
previously-announced non-brokered private placement will comprise
up to 6,675,000 Units for gross proceeds of up to approximately CDN
$50 million (the "
Offering").
In addition, the Underwriters have been granted
an option, exercisable in whole or in part up to 48 hours prior to
the closing of the Offering, to purchase up to 700,050 additional
Units at the issue price of CDN $7.50 per Unit for additional gross
proceeds of up to approximately CDN $5.25 million.
The other terms of the Offering, as described in
the news release of Osisko Development of earlier this morning,
remain unchanged.
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, CEOTelephone: (514)
940-0685Email: sroosen@osiskodev.com |
Jean Francois Lemonde, VP
Investors RelationsTelephone: (514) 299-4926Email:
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 the expected size of the Offering, the demand for Units,
the use of proceeds of the Offering, the ability of Osisko
Development to close the Offering on terms announced (if at all),
is based upon certain material assumptions that were applied in
drawing a conclusion or making a forecast or projection, including
management's perceptions of current market conditions, the future
prospects of Osisko Development, historical trends, current
conditions and expected future developments, 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 on SEDAR
(www.sedar.com) under Osisko Development's issuer profile. 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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