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Osisko Development Closes Second Tranche of Non-Brokered Private Placement for Additional Proceeds of US$32.8 Million of Subscription Receipts
MONTRÉAL, March 29, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. ("Osisko Development" or the "Company") (TSXV: ODV) is pleased to announce the successful
About this update from Osisko Development Corp
[{"type":"text","content":" MONTRÉAL, March 29, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. (\"Osisko Development\" or the \"Company\") (TSXV: ODV) is pleased to announce the successful closing of the second tranche of the Company's previously-announced non-brokered private placement, pursuant to which an additional 9,365,689 subscription receipts of the Company (the \"Subscription Receipts\") were issued at a price of US$3.50 per Subscription Receipt, for additional gross proceeds of approximately US$32.8 million. The total size of the non-brokered private placement offering is approximately US$117.6 million, comprising: Tranche 1: US$84.8 million; closed on March 4, 2022 Tranche 2: US$32.8 million; closed on March 29, 2022 Each Subscription Receipt entitles the holder thereof to receive one unit of the Company (each, a \"Unit\"), upon the satisfaction of the Escrow Release Condition (as defined below), and without payment of additional consideration. Each Unit is 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 US$6.00 per Common Share for a period of five years following the date of issue. The gross proceeds from the sale of the Subscription Receipts will be held by TSX Trust Company, as subscription receipt agent, and released to the Company upon, among other things, the listing of the Common Shares on the New York Stock Exchange (the \"Escrow Release Condition\"), which is contingent upon the Company 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 satisfied on or before June 15, 2022 (the \"Escrow Release Deadline\"), the escrowed funds will be released to the Company. If the Escrow Release Condition is not satisfied on or prior to the Escrow Release Deadline or the Company publicly announces that (a) it does not intend to satisfy the Escrow Release Condition, or (b) the Escrow Release Condition is incapable of being satisfied by the Escrow Release Deadline, the escrowed proceeds, together with interest earned thereon, will be returned on a pro rata basis to the holders of the Subscription Receipts, and the Subscription Receipts...