Business
Osisko Gold Royalties Ltd Launches Osisko Development Corp. And Announces Related Corporate Changes
MONTRÉAL, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd ("Osisko Royalties") (OR: TSX & NYSE) and Osisko Development Corp. ("Osisko Development")
About this update from Or Royalties Inc.
[{"type":"text","content":" MONTRÉAL, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd (\"Osisko Royalties\") (OR: TSX & NYSE) and Osisko Development Corp. (\"Osisko Development\") (ODV: TSX-V) are pleased to announce the successful launch of Osisko Development – a premier gold development company in North America, with the objective of becoming the next mid-tier gold producer. The common shares of Osisko Development (\"ODV Shares\") will begin trading on the TSX Venture Exchange on or about December 2, 2020 under the symbol \"ODV\". Closing of RTO Earlier today Osisko Royalties and Osisko Development completed their previously announced spin-out transaction, which resulted in, among other things, Osisko Royalties transferring certain mining properties, including the Cariboo Gold Project, and a portfolio of marketable securities (through the transfer of the entities that directly or indirectly own such mining properties and marketable securities) to Osisko Development Holdings Inc. (\"Osisko Subco\"), following which Osisko Subco and 1269598 BC Ltd. (\"Barolo Subco\") were amalgamated by way of a triangular amalgamation under the Business Corporations Act (British Columbia) (the \"Amalgamation\") to form \"Amalco\". Upon the Amalgamation, Osisko exchanged its Osisko Subco shares for ODV Shares, which resulted in a \"Reverse Take-Over\" of Osisko Development (the \"RTO\"). Further details regarding the RTO and the Amalgamation are set out in (a) the management information circular of Osisko Development (formerly known as Barolo Ventures Corp. (\"Barolo\")) dated October 19, 2020, and (b) the Form 3D2 (Information Required in a Filing Statement for a Reverse Takeover or Change of Business) of Osisko Development (formerly known as Barolo) dated November 20, 2020 (the \"Filing Statement\"), which are available on SEDAR (www.sedar.com) under the Osisko Development's issuer profile. Conversion of Subscription Receipts On November 25, 2020, prior to the effective time of the Amalgamation, upon satisfaction of the escrow release conditions,13,350,000 subscription receipts of Osisko Subco issued under the CDN $100.1 million concurrent financing of Osisko Subco that closed on October 29, 2020 were converted into 13,350,000 common shares of Osisko Subco and 6,675,000 common share purchase warrants of Osisko Subco, and the net subscription proceeds wer...