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Osisko Development Reports Second Quarter 2024 Results
(All monetary references are expressed in Canadian dollars, unless otherwise indicated) MONTREAL, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NY
About this update from Osisko Development Corp
[{"type":"text","content":" (All monetary references are expressed in Canadian dollars, unless otherwise indicated) MONTREAL, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (\"Osisko Development\" or the \"Company\") reports its financial and operating results for the three months ended June 30, 2024 (\"Q2 2024\"). Q2 2024 HIGHLIGHTS Operating, Financial and Corporate Updates: 805 ounces of gold sold by the Company from operating activities in the second quarter, comprising of 790 ounces of gold sold from the Trixie test mine (\"Trixie\"), and the balance from the Cariboo Gold Project (\"Cariboo Gold Project\") by processing stockpiles at a third-party facility. $2.6 million in revenues ($10.8 million in Q2 2023) and $2.7 million in cost of sales ($11.4 million in Q2 2023) generated from operating activities. On May 9, 2024, the Company announced, as part of its regular annual remuneration program, the granting of an aggregate of 283,250 deferred share units (\"DSU\") of the Company to its independent directors in accordance with the DSU Plan of the Company On May 30, 2024, Maggie Layman departed from her position as Vice President, Exploration to pursue another opportunity. On June 3, 2024, the Company announced that in connection with the terms of the Company’s previously completed acquisition in May 2022 of a 100% ownership interest in the Tintic Project, it had satisfied the second of five deferred payments to the sellers. The deferred consideration of US$2,500,000 was settled by the issuance of 1,228,394 common shares. On June 10, 2024, the Company entered into an amending agreement to the credit agreement (the \"Amendment\") with National Bank of Canada made as of March 1, 2024, providing for a US$50 million delayed draw term loan (the \"Credit Facility\"). The Amendment provides for, among other things: An 8-month extension to the maturity date to October 31, 2025 (from March 1, 2025). The extension is subject to the completion of a capital raise of at least US$20 million prior to October 31, 2024, otherwise the maturity date reverts to February 28, 2025. Reduction in the mandatory prepayment amount to 50% of each incremental dollar raised in excess of US$25 million in respect of certain financings, allowing the Company to preserve 50% of such proceeds. There are no mandatory prepayment requirements for amounts up...