Osisko Development Closes US$57.5 Million Marketed Private Placement of Units
12 Noviembre 2024 - 10:40AM
Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") is pleased to announce the successful
closing of its previously announced private placement of 31,946,366
units of the Company ("
Units") at a price of
US$1.80 per Unit, including the exercise in full of the Agents'
option, for aggregate gross proceeds of approximately US$57.5
million (the "
Offering"). The Offering included a
lead order from Condire Investors, LLC
("
Condire"), an investment firm based in Dallas,
Texas, resulting in an approximate 8.8% holding in the Company's
issued and outstanding common shares immediately following the
closing of the Offering (on a non-diluted basis). Concurrently with
the Offering, the Company and Condire have agreed to find a
mutually agreeable addition to the Company’s Board of Directors or,
alternatively, a Board observer.
Sean Roosen, Chair and CEO of Osisko
Development, commented: "The closing of this significantly
oversubscribed offering – alongside the recently closed successful
US$34.5 million non-brokered offering – places the Company in an
excellent position to execute on key project de-risking milestones
and pre-construction activities for the Cariboo Gold Project,
including completion of an updated optimized feasibility study
expected in Q2 2025. We are very excited to welcome Condire as a
prominent shareholder. The strong support received in this offering
from Condire and a number of other large long-term focused
institutional investors is a testament to the quality and value of
the Cariboo project along with a positive endorsement of our team.
With an improved balance sheet and capital structure, the Company
is primed for success ahead of a pivotal year."
Each Unit consists of one common share of the
Company (each, a "Common Share") and one Common
Share purchase warrant (each, a "Warrant"). Each
Warrant shall entitle the holder thereof to purchase one Common
Share (each, a "Warrant Share"), at a price of
US$3.00 per Warrant Share on or prior to October 1, 2029. The
Warrants acquired by Condire under the Offering are subject to a
blocker provision, which limits Condire's exercise of any Warrants
that, upon giving effect to such exercise, would cause the Common
Shares owned by Condire to be equal to or exceed 10% of the issued
and outstanding Common Shares.
The Offering was conducted on a "best efforts"
agency basis by National Bank Financial Inc., as lead left agent,
and Cantor Fitzgerald Canada Corporation and Eight Capital, as lead
agents (collectively, the "Agents"). In connection
with the Offering, the Agents were paid a cash commission equal to
4.5% of the aggregate gross proceeds of the Offering.
The Company intends to use the net proceeds of
the Offering towards the advancement of its Cariboo and Tintic
projects, 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.
The securities have not been registered under
the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any U.S. state
securities laws, and may not be offered or sold to, or for the
account or benefit of, persons in the "United States" or "U.S.
persons" (as such terms are defined in Regulation S under the U.S.
Securities Act) absent registration under the U.S. Securities Act
and all applicable U.S. state securities laws or compliance with an
exemption from such registration requirements. This news release is
not an offer to sell or the solicitation of an offer to buy the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to qualification or registration under
the securities laws of such jurisdiction.
ABOUT OSISKO DEVELOPMENT
CORP.
Osisko Development Corp. is a North American
gold development company focused on past-producing mining camps
located in mining friendly jurisdictions with district scale
potential. The Company's objective is to become an intermediate
gold producer by advancing its 100%-owned Cariboo Gold Project,
located in central B.C., Canada, the Tintic Project in the historic
East Tintic mining district in Utah, U.S.A., and the San Antonio
Gold Project in Sonora, Mexico. In addition to considerable
brownfield exploration potential of these properties, that benefit
from significant historical mining data, existing infrastructure
and access to skilled labour, the Company's project pipeline is
complemented by other prospective exploration properties. The
Company's strategy is to develop attractive, long-life, socially
and environmentally sustainable mining assets, while minimizing
exposure to development risk and growing mineral resources.
For further information, visit our website at
www.osiskodev.com or contact:
Sean Roosen
Chairman and CEO Email: sroosen@osiskodev.comTel: +1 (514)
940-0685 |
Philip
RabenokDirector, Investor Relations Email:
prabenok@osiskodev.comTel: +1 (437) 423-3644 |
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
This news release contains "forward-looking
information" (within the meaning of applicable Canadian securities
laws) and "forward- looking statements" (within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995). Such
statements or information are identified with words such as
"anticipate", "believe", "expect", "plan", "intend", "potential",
"estimate", "propose", "project", "outlook", "foresee" or similar
words suggesting future outcomes or statements regarding any
potential outcome. Such statements in this news release may
include, without limitation, statements pertaining to the use of
the net proceeds from the Offering and the results therefrom; the
results of derisking programs at the Cariboo project; the results
and timing of the updated feasibility study at the Cariboo project;
progress in respect of pre-construction activities at the Cariboo
project; and the ability to obtain the final acceptance of the TSX
Venture Exchange. Such forward-looking information or statements
are based on a number of risks, uncertainties and assumptions which
may cause actual results or other expectations to differ materially
from those anticipated and which may prove to be incorrect. Actual
results could differ materially due to a number of factors,
including, without limitation, satisfying the requirements of the
TSX Venture Exchange (if at all). Although the Company believes
that the expectations reflected in the forward-looking information
or statements are reasonable, prospective investors in the Company
securities should not place undue reliance on forward-looking
statements because the Company can provide no assurance that such
expectations will prove to be correct. Forward-looking information
and statements contained in this news release are as of the date of
this news release and the Company assumes no obligation to update
or revise this forward-looking information and statements except as
required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Osisko Development (TSXV:ODV)
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