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Osisko Development Announces Upsize of "Bought Deal" Private Placement to $90 Million
MONTRÉAL, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. ("Osisko Development" or the "Company") (TSXV: ODV) is pleased to announce, further to its
About this update from Osisko Development Corp
[{"type":"text","content":" MONTRÉAL, Feb. 09, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. (\"Osisko Development\" or the \"Company\") (TSXV: ODV) is pleased to announce, further to its previously-announced \"bought deal\" private placement, that it has entered into an amended letter of engagement with Eight Capital, under which Eight Capital, acting as co-lead underwriter and joint bookrunner with BMO Nesbitt Burns Inc. and National Bank Financial Inc., and on behalf of a syndicate of underwriters including Canaccord Genuity Corp., RBC Capital Markets, PI Financial Corp. and Desjardins Securities Inc. (collectively, the \"Underwriters\"), has now agreed to purchase, on a \"bought deal\" private placement basis, an aggregate of 20,225,000 subscription receipts of the Company (the \"Subscription Receipts\") and/or units of the Company (the \"Units\" and, together with the Subscription Receipts, the \"Offered Securities\") at a price of $4.45 per Offered Security (the \"Issue Price\"), for aggregate gross proceeds of $90,001,250 (the \"Offering\"). Each Unit will be comprised of one common share of the Company (each, a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one additional Common Share at a price of $7.60 per Common Share for a period of 60 months following the closing date of the Offering. Each Subscription Receipt 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. The Company has granted the Underwriters an option, exercisable in whole or in part up to 48 hours prior to the closing of the Offering, to purchase up to an additional aggregate amount of 3,033,750 Subscription Receipts and/or Units at the Issue Price, for additional gross proceeds of up to $13,500,187.50. The gross proceeds from the sale of the Subscription Receipts, net of expenses of the Underwriters and 50% of the commissions payable to the Underwriters in respect of the Subscription Receipts, will be placed into escrow and will be released immediately prior to the completion of the Company's proposed acquisition of Tintic Consolidated Metals LLC (\"Tintic\"), as described in the press release of the Company dated January 25, 2022 (the \"Tintic Acquisition\") (the ...