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UPDATED -- Osisko Development to Close Further Tranches of Its Non-Brokered Private Placement of Units
MONTREAL, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) ("Osisko Development" or the "Company") is pleased to announce, furt
About this update from Osisko Development Corp
[{"type":"text","content":" MONTREAL, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (\"Osisko Development\" or the \"Company\") is pleased to announce, further to its news release dated October 1, 2024, that the first tranche of its offering was oversubscribed at the time of closing. The Company intends to seek to close further tranches of its non-brokered private placement for up to 13,888,888 units (the \"Units\") at a price of US$1.80 per Unit for additional gross proceeds to the Company of up to approximately US$25 million (the \"Offering\"), the maximum amount set out in the price reservation made by the Company under TSX Venture Exchange Rules. There is no minimum Offering size required to close further tranches of the Offering. Further tranches of the Offering may be closed from time to time. In addition, the Company continues to pursue flexibility as it evaluates other sources of capital to refinance its credit facility and advance its projects. With the first tranche of the Offering completed, the Company is well positioned to contemplate targeted regional drilling on its 100% owned Cariboo Gold Project in B.C., Canada and its 100% owned Tintic Project in Utah, U.S.A. The Company anticipates closing further tranches as soon as possible, subject to certain conditions including, but not limited to, the receipt of all necessary approvals. Consistent with the first tranche of the Offering, no finder's fee or commissions are payable in connection with the Offering. Each Unit consists of one common share of the Company (each, a \"Common Share\") and one Common Share purchase warrant of the Company (each, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one additional Common Share (each, a \"Warrant Share\") at a price of US$3.00 per Warrant Share on or prior to October 1, 2029. The Company intends to use the net proceeds of the Offering towards the advancement of its Cariboo Gold Project and Tintic Project, to partially repay its existing credit facility and for general corporate purposes. All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date of issue pursuant to applicable Canadian securities laws. The Offering remains subject to final acceptance of the TSX Venture Exchange. This news release does not constitute an offer to ...