Business
Osisko Development Reports First Quarter 2022 Results
MONTREAL, May 12, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. (“Osisko Development” or the “Company”) (TSX.V-ODV) is pleased to report its financial and o
About this update from Osisko Development Corp
[{"type":"text","content":" MONTREAL, May 12, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. (“Osisko Development” or the “Company”) (TSX.V-ODV) is pleased to report its financial and operating results for the three months ended March 31, 2022. First Quarter 2022 and Subsequent Highlights: On January 25th 2022, the Company announced that it had entered into binding agreements to acquire 100% ownership of theproducing and permitted Trixie test mine, as well as a land package covering over 17,000 acres (“Tintic Transaction”) which hosts 23 past-producing mines in Central Utah's historic Tintic Mining District. Closing of the Tintic Transaction is expected to occur in Q2 2022. Concurrently with, or shortly following the Tintic Acquisition, the Company entered into the financing arrangements set out below: A non-binding metals stream term sheet with Osisko Gold Royalties which, on closing of the Tintic Acquisition, would provide the Company with cash proceeds of at least US$20 million and up to US$40 million; and A non-brokered private placement for aggregate gross proceeds to the Company of approximately US$119.3 million, which will be held in escrow until the condition of the Company listing its common shares on the New York Stock Exchange is met; and A bought-deal private placement with a syndicate of underwriters for aggregate proceeds of CAD$103.5 million, of which CAD$61.1 million will be held in escrow subject to closing of the Tintic Acquisition. For the three months ended March 31, 2022, the Company earned $9.2 million in revenues from its Bonanza Ledge II operations. The Company divested of certain investments from its portfolio generating gross proceeds of $21.1 million. The cash position of the Company as at March 31, 2022 was approximately $56.8 million. On April 26, 2022, the shareholders and board of directors of the Company approved a share consolidation on a 3 or one basis, subject to receipt of necessary approvals. On April 13, 2022 the Company announced further drilling results from its 2021 exploration and category conversion drill campaign on its Cariboo Gold Project. “We are pleased with progress to date at Cariboo. The ongoing work at Cariboo has advanced our permitting process and bringing us closer to further major milestones. The Tintic opportunity is a very exciting addition to our portfolio and we look forward to closing this ac...