Osisko Development Successfully Closes Significant Financing Round

Osisko Development Completes Successful Financing Round

Osisko Development Corp. is thrilled to announce a successful financing round that has closed at an impressive US$57.5 million. This marks a substantial milestone for the company as it finalizes its previously announced private placement of 31,946,366 units at a price of US$1.80 each. The investment firm Condire Investors, LLC played a crucial role in this offering, leading to an estimated 8.8% stake in the company's outstanding common shares right after the closure.

Implications of the Financing for Osisko

Sean Roosen, Chair and CEO of Osisko Development, shared his excitement regarding this milestone, commenting on the significantly oversubscribed nature of this offering. Alongside a recently concluded US$34.5 million non-brokered offering, the resources generated from this capital raise put the company in a strong position to move forward. Key initiatives, such as the Cariboo Gold Project, are set to benefit considerably from this influx of capital. Roosen emphasized that this is an endorsement not only of the project’s potential but also of the company’s team dedicated to its success.

Details of the Offering

Each unit issued comprises one common share and one warrant, providing investors a chance to purchase additional shares in the future. Each warrant allows the holder to buy a common share at US$3.00 until October 1, 2029. Notably, the warrants obtained by Condire under this offering have a stipulation preventing their exercise if it results in them owning more than 10% of the total common shares.

Utilization of Proceeds from the Offering

The net proceeds from this private placement will be utilized towards various strategic goals. The focus will be on advancing both the Cariboo and Tintic projects while also addressing existing credit obligations. This financing will support growth and enhance capital flexibility, allowing Osisko to achieve its objectives in a competitive market.

Financing Execution by Professional Agents

The successful placement was conducted on a best-efforts basis, led by National Bank Financial Inc., with support from Cantor Fitzgerald Canada Corporation and Eight Capital. These professional partners ensured a smooth execution of the offering and received a commission based on the total amount raised.

About Osisko Development Corp.

Osisko Development is a North American gold development company that focuses on advancing its 100%-owned Cariboo Gold Project alongside several other projects located in resource-rich areas. The company aims to become an intermediate gold producer while emphasizing sustainability and minimizing development risks. Its strategic advantage lies in its properties backed by extensive mining histories and existing infrastructure, pointing towards a promising future for the company and its stakeholders.

Contact Information

For more inquiries or further information, interested parties can reach out directly:

Sean Roosen
Chairman and CEO
Email: sroosen@osiskodev.com
Tel: +1 (514) 940-0685

Philip Rabenok
Director, Investor Relations
Email: prabenok@osiskodev.com
Tel: +1 (437) 423-3644

Frequently Asked Questions

What is the primary goal of Osisko Development Corp.?

Osisko Development aims to advance its projects, notably the Cariboo Gold Project, to become an intermediate gold producer.

Who led the recent financing round for Osisko Development?

The financing was led by Condire Investors, LLC, bringing in a significant amount of investment into the company.

What are the terms of the warrants issued in the financing round?

Each warrant allows the purchase of a common share at US$3.00 until October 1, 2029, subject to certain ownership limitations.

How will Osisko use the proceeds from this financing?

The proceeds will fund project advancements, repay existing debts, and support operational activities across its developments.

What other projects is Osisko involved with besides Cariboo?

In addition to Cariboo, Osisko is advancing the Tintic and San Antonio Gold Projects, enhancing its production potential.

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