Osisko Development Provides Update on Previously-Announced Non-Brokered Private Placement
March 21 2022 - 9:50PM
Osisko Development Corp. ("
Osisko Development" or
the "
Corporation") (ODV: TSX-V) is pleased to
announce that it expects to close the second (and final) tranche of
its previously-announced non-brokered private placement of
subscription receipts ("
Subscription Receipts") on
March 29, 2022.
As previously announced, the first tranche of
the Corporation's non-brokered private placement closed on March 4,
2022, for gross proceeds of approximately US$84.8 million.
The Corporation has increased the size of the
second (and final) tranche of the offering by up to an additional
US$10 million of Subscription Receipts to accommodate increased
demand to invest in Osisko Development. To that end, the second
(and final) tranche of the Corporation's non-brokered private
placement is expected to close on March 29, 2022, pursuant to which
up to an additional US$35.5 million of Subscription Receipts may be
issued.
The Corporation intends to use the net proceeds
of the offering to advance the development of the Corporation's
mineral assets and for general corporate purposes. All securities
issued under the offering will be subject to a hold period expiring
four months and one day from the date of issue. The offering
remains subject to regulatory approvals, including conditional
listing approval of the TSX Venture Exchange and, completing the
listing of the Corporation's common shares on the New York Stock
Exchange in order to satisfy the escrow release conditions required
for the conversion of the Subscription Receipts.
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.
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 ability to close
the offering on all subscriptions received; 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 time and on the 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 New
York Stock Exchange, meet the minimum listing requirements of the
New York Stock Exchange and satisfy the escrow release conditions
required for the conversion of the Subscription Receipts (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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