Osisko Development Expands Financing Amidst High Demand
Osisko Development Corp. (NYSE: ODV, TSXV: ODV) is excited to reveal that due to overwhelming demand, it has reached an agreement with National Bank Financial Inc., BMO Capital Markets, and RBC Capital Markets. These firms will act as co-lead underwriters for an increase in its previously outlined "bought deal" financing from C$60 million to a substantial C$75 million.
Details of the Offering
The company aims to issue shares to enhance its financing capabilities. Originally announced a few days back, this initiative includes national flow-through shares, British Columbia flow-through shares, and common shares. This financing is targeted at generating gross proceeds of around C$50 million. Additionally, there will be an extra financing aspect yielding approximately C$10 million.
Concurrent Private Placement Grows
Following the recent adjustments, the concurrent private placement has been increased by about C$15 million. Consequently, this will allow Osisko Development to issue approximately 5,230,200 common shares at a price of C$4.78 each, resulting in gross proceeds of approximately C$25,000,356. Apart from this increased size, all other conditions of the offering remain constant.
Timeline for Closing
The anticipated closing date for this offering and the concurrent placement is projected to occur on or around a specific date in late October. However, it's essential to note that this is still contingent on obtaining all the required regulatory approvals from relevant exchanges, including the TSX Venture Exchange and the New York Stock Exchange.
Company Background and Goals
Osisko Development Corp. is a prominent North American gold development firm focused on mining operations situated in favorable jurisdictions characterized by substantial potential. Their main objective is to evolve into an intermediate gold producer by advancing projects like the coveted Cariboo Gold Project, which holds significant promise. Complementing this venture, Osisko has other notable projects, including the Tintic Project in Utah and the San Antonio Gold Project in Mexico, both of which carry immense exploration potential.
Commitment to Sustainable Practices
The company's strategy involves developing not only productive but also environmentally friendly and socially responsible mining assets. This approach aims to simultaneously minimize operational risks while facilitating growth in mineral resources.
Investor Relations and Contact Information
Osisko Development prioritizes transparent communication with its stakeholders. For any inquiries, interested parties can reach out directly to their leadership.
Sean Roosen
Chairman and CEO
Email: sroosen@osiskodev.com
Tel: +1 (514) 940-0685
Philip Rabenok
Vice President, Investor Relations
Email: prabenok@osiskodev.com
Tel: +1 (437) 423-3644
Frequently Asked Questions
What is the purpose of the increased financing for Osisko Development?
The increased financing aims to support the advancement of several mining projects and ensure the company becomes a mid-tier gold producer.
What are the key projects associated with Osisko Development?
Key projects include the Cariboo Gold Project, the Tintic Project in Utah, and the San Antonio Gold Project in Mexico, which all have significant exploration potential.
When is the expected closing date for the offering?
The closing date for the offering and concurrent placement is anticipated to be at the end of October, subject to regulatory approvals.
Who can I contact for more information about Osisko Development?
For questions or information, you can reach Sean Roosen or Philip Rabenok via their provided emails or phone numbers above.
What is the strategy of Osisko Development regarding environment and social responsibility?
Osisko Development emphasizes developing mining assets that are environmentally responsible and socially accountable, aiming to minimize risks while enhancing resources.
