Osisko Development Announces Closing of US$20 Million Metals Stream to Advance Tintic
September 26 2022 - 8:00AM
Osisko Development Corp. (“
Osisko Development” or
the “
Company”) is pleased to announce that Tintic
Consolidated Metals, LLC ("
TCM" or
“
Tintic”), an indirect wholly-owned subsidiary of
the Company, has closed the previously announced metals stream with
Osisko Bermuda Limited ("
OBL") pursuant to a
Metals Purchase Agreement dated August 12, 2022 (the
"
Stream Agreement"). All conditions to complete
the Stream Agreement have been fulfilled, including TCM's receipt
of the upfront payment of US$20 million from OBL which will be used
to advance the development of Tintic. Pursuant to the Steam
Agreement, effective as of May 29, 2022, OBL will receive 2.5% of
the refined metal production from Tintic until 27,150 ounces of
refined gold have been delivered, and thereafter OBL will receive
2.0% of the refined metal production from TCM. OBL will make
ongoing cash payments to TCM equal to 25% of the applicable spot
metal price on the business day immediately proceeding the date of
delivery for each ounce of refined metal delivered pursuant to the
Stream Agreement.
For more details on the metals stream with OBL,
please refer to the Company's news release dated May 30, 2022.
About Osisko Development
Osisko Development Corp. is uniquely positioned
as a premier gold development company in North America to advance
the Cariboo Gold Project and other Canadian, U.S.A. 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. The
considerable exploration potential at depth and along strike
distinguishes the Cariboo Gold Project relative to other
development assets. Osisko Development's project pipeline is
complemented by its interest in the San Antonio gold project,
located in Sonora, Mexico and the Trixie gold test mine, located in
Utah, U.S.A.
For further information about Osisko Development
(NYSE:ODV; TSX-V:ODV), please visit www.osiskodev.com or follow us
on Twitter @OsiskoDev
For further information about Osisko Development Corp.,
please contact: |
Sean Roosen, CEO Telephone: (514) 940-0685 Email:
sroosen@osiskodev.com |
Jean
François Lemonde, VP Investor Relations Telephone: (514) 299-4926
Email: jflemonde@osiskodev.com |
Cautionary Note Regarding Forward-Looking
Information
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. 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 management’s perceptions of
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances, and any other information
herein that is not a historical fact may be “forward looking
information”. 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. Such
risks and uncertainties include, among others, risks relating to
capital market conditions, regulatory framework; the ability of TCM
and OBL to complete their obligations under the Stream Agreement;
risks relating to exploration, development and mining activities;
the global economic climate; and metal prices. Readers are urged to
consult the disclosure provided (i) under the heading "Risk
Factors" in the annual information form of the Company for the year
ended December 31, 2021, as amended, and (ii) under the heading
"Risks and Uncertainties" in the management's discussion and
analysis of the Company for the year ended December 31, 2021, as
amended, each of which has been filed on SEDAR (www.sedar.com)
under Osisko Development's issuer profile and on the SEC's EDGAR
website (www.sec.gov), for further information regarding the risks
and other factors applicable to the exploration results. Although
the Company’s believes the expectations conveyed by the
Forward-looking Statements are reasonable based on information
available at the date of preparation, 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. 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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