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Osisko Development Reports First Quarter 2023 Results
(All monetary references are expressed in Canadian dollars, unless otherwise indicated) MONTREAL, May 09, 2023 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYS
About this update from Osisko Development Corp
[{"type":"text","content":" (All monetary references are expressed in Canadian dollars, unless otherwise indicated) MONTREAL, May 09, 2023 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (\"Osisko Development\" or the \"Company\") is pleased to report its financial and operating results for the three months ended March 31, 2023 (\"Q1 2023\"). Q1 2023 HIGHLIGHTS Operating and financial updates: 1,503 ounces of gold sold by the Company generating approximately $3.5 million in revenues in the quarter primarily from operating activities from the San Antonio Gold Project (\"San Antonio\") stockpile processing via heap leach (1,202 ounces of gold sold from San Antonio). On February 24, 2023, the Company announced the issuance of 10,000 common shares of the Company in accordance with the terms of a participation agreement dated June 10, 2022 with the Williams Lake First Nation (see news release dated July 5, 2022), relating to the Cariboo Gold Project. On March 2, 2023, the Company completed a bought deal public offering of an aggregate of 7,841,850 units of the Company (the \"Units\") at a price of $6.60 per Unit, for aggregate gross proceeds of approximately $51.8 million, including the full exercise of the over-allotment option. Each Unit is comprised of one common share of the Company and one common share purchase warrant of the Company. On March 14, 2023, the Company announced a proposed reduction of the exercise price of the common share purchase warrants issued in 2022 in connection with brokered (closing on March 2, 2022) and non-brokered private placements (closing in tranches on March 4, 2022, March 29, 2022 and April 21, 2022). For further details, refer to news release dated March 14, 2023. The warrant amendment was completed on March 17, 2023. As at March 31, 2023, the Company had approximately $122.2 million in cash. Tintic Project – Utah, U.S.A. (100%-owned) Approximately 68% of the 1,390 meter (\"m\") (or 4,550 feet (\"ft.\")) of the Trixie test mine (\"Trixie\") portal and underground decline ramp has been completed as at March 31, 2023). The Company anticipates completion of the decline ramp to the main 625 level by Q3 2023. Target to ramp up processing capacity to 500 short tons per day subject to completion of required mine and mill infrastructure upgrades. As previously disclosed, certain test mining activities at Trixie ...