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Osisko Development Announces Proposed Reduction in Exercise Price of Warrants Issued in 2022
MONTREAL, March 14, 2023 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) ("Osisko Development" or the "Company") is pleased to announce that
About this update from Osisko Development Corp
[{"type":"text","content":" MONTREAL, March 14, 2023 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (\"Osisko Development\" or the \"Company\") is pleased to announce that the Company has received the required approvals of the Company's Board of Directors and made an application to the TSX Venture Exchange to reduce the exercise price of the common share purchase warrants issued in 2022 (the \"Warrants\") under the following brokered and non-brokered private placements, as summarized below: Private Placement Warrants Issued(1)(2) Proposed Amendments(1)(2) March 2, 2022 (Brokered Private Placement) 7,752,916 Warrants issued pursuant to a brokered private placement of units and subscription receipts of the Company, with each Warrant entitling the holder thereof to purchase one common share of the Company (each, a \"Common Share\") at a price of C$22.80 per Common Share until March 2, 2027 Reduce the exercise price of the Warrants issued under the brokered private placement from C$22.80 to C$14.75 per Common Share March 4, March 29 and April 21, 2022 (Non-Brokered Private Placements) 11,363,933 Warrants issued pursuant to a non-brokered private placement of subscription receipts, with each Warrant entitling the holder thereof to purchase one Common Share at a price of US$18.00 per Common Share until May 27, 2027 Reduce the exercise price of the Warrants issued under the non-brokered private placement from US$18.00 to US$10.70 per Common Share Notes: (1) Figures presented after giving effect to the Consolidation (as defined below). On May 3, 2022, subsequent to closing the above-noted private placements, the Company completed a consolidation of its Common Shares on the basis of one (1) post-consolidation Common Share for every three (3) pre-consolidation common shares (the \"Consolidation\"). Accordingly, the Warrants were adjusted to give effect to the Consolidation. All numerical figures and exercise prices in respect of the Warrants provided in this news release are provided on a post-Consolidation basis. (2) The exercise prices of the Warrants originally issued in Canadian and United States dollars, respectively, will continue to be denominated in their original currency of denomination, with the adjusted exercise prices being equivalent based on the daily exchange rate for Canadian and U.S. dollars ...