Osisko Development Announces Upsize of Previously-Announced Non-brokered Private Placement
February 07 2022 - 3:23PM
Osisko Development Corp. ("
Osisko Development")
(ODV: TSX-V) is pleased to announce that, in response to
overwhelming interest in its previously-announced non-brokered
private placement (as amended, the "
Offering"),
the Offering will be upsized up to 31,500,000 subscription receipts
of Osisko Development ("
Subscription Receipts") at
a price of US$3.50 per Subscription Receipt for aggregate gross
proceeds of up to approximately US$110.3 million. Osisko
Development may elect to increase the size of the Offering by
issuing additional Subscription Receipts, subject to approval of
the TSX Venture Exchange.
Each Subscription Receipt issued pursuant to the
Offering will entitle the holder thereof to receive, upon the
satisfaction of the Escrow Release Condition (as defined below) and
without payment of additional consideration, one unit of Osisko
Development (each, a "Unit"). Each Unit will
comprise of one common share in the capital of Osisko Development
(each, a "Common Share") and one Common Share
purchase warrant (each whole warrant, a
"Warrant"), with each Warrant entitling the holder
thereof to purchase one additional Common Share at a price of
US$6.00 per Common Share for a period of five years following the
date of issue.
The gross proceeds of the Offering will be held
in escrow pending, among other things, the completion of the
listing of the Common Shares on the New York Stock Exchange
("Escrow Release Condition"), which is contingent
upon Osisko Development meeting the listing requirements of the New
York Stock Exchange ("NYSE") and may involve,
among other things, a consolidation of the Common Shares. If the
Escrow Release Condition is met, Osisko Development anticipates
that the proceeds of the Offering will be used to advance the
development of Osisko Development's mineral assets and for general
corporate purposes.
The Offering is subject to regulatory approvals,
including conditional listing approval of the TSX Venture Exchange
for the Common Shares and Warrants. The securities issued pursuant
to the Offering will be subject to applicable hold periods,
including the typical four month hold period from the date of
closing of the Offering. The Offering may be closed in multiple
tranches and is not subject to a minimum offering.
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 in which such offer,
solicitation or sale would be unlawful. 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 absent registration
under the U.S. Securities Act of 1933, as amended, 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 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, Canada,
is Osisko Development's flagship asset with measured and indicated
resource of 21.44 million tonnes at 4.6 g/t Au for a
total of 3.2 million ounces of gold and inferred resource of
21.69 million tonnes at 3.9 g/t Au 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 first half of 2022. 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, Canada as well as the Guerrero Properties located in
Guerrero, Mexico.
For further
information about Osisko Development Corp., please
contact: |
|
Sean Roosen, CEOTelephone: (514) 940-0685Email:
sroosen@osiskodev.com |
Jean Francois Lemonde, VP Investor 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 use of proceeds
of the Offering, the jurisdictions in which the Subscription
Receipts will be offered or sold, the number of Subscription
Receipts offered or sold, the ability of Osisko Development to
close the Offering on terms announced (if at all), the timing and
ability of Osisko Development to satisfy the customary listing
conditions of the TSX Venture Exchange (if at all), the timing and
ability of Osisko Development to complete the listing on the NYSE,
meet the minimum listing requirements of the NYSE and satisfy the
Escrow Release Condition (if at all), the timing and ability of
Osisko Development to obtain all necessary approvals, 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 dated November 20, 2020, which is
available electronically under Osisko Development's issuer profile
on SEDAR (www.sedar.com). 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 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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