Osisko Gold Royalties Ltd and Barolo Ventures Corp. Announce Completion of CDN $100 Million Subscription Receipt Offering to Finance "Osisko Development Corp."
MONTRÉAL, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Osisko Gold Royalties Ltd ("Osisko Royalties") (OR: TSX & NYSE) and Barolo Ventures Corp. ("Barolo") (BVC.H: TSX-V)
are pleased to announce, further to their joint news releases dated October 5, 2020 and October 28, 2020 relating to the "Reverse Take-Over" of Barolo (the "RTO") under the
policies of the TSX Venture Exchange, the closing of the previously-announced "bought deal" private placement offering of 13,350,000 subscription receipts (the "Subscription
Receipts") of Osisko Development Holdings Inc. ("Osisko Subco") at a subscription price of CDN $7.50 per Subscription Receipt (the "Issue Price") for
aggregate gross proceeds of CDN $100 million (the "Financing"). In this news release, references to the "Resulting Issuer" or "Osisko Development"
are to Barolo after the closing of the RTO.
Each Subscription Receipt entitles the holder thereof to receive, for no additional consideration and without further action on the part of the holder thereof, on or about the date that the RTO is completed, one common share of the Resulting Issuer after giving effect to a 60:1 consolidation of the common shares of Barolo (each, a "Resulting Issuer Share") and one-half-of-one warrant to purchase a Resulting Issuer Share (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Resulting Issuer Share for CDN $10.00 for an 18-month period following the closing of the RTO.
The gross proceeds of the Financing have been deposited with the TSX Trust Company, as escrow agent, and will be released to the Resulting Issuer upon the satisfaction of the escrow release conditions (if at all), including the satisfaction or waiver of the conditions to closing the RTO and conditional approval of the TSX Venture Exchange to list the Resulting Issuer Shares issuable under the RTO and Financing, and certain other customary conditions (collectively, the "Escrow Release Conditions"). In the event that the Escrow Release Conditions are not satisfied on or prior to January 31, 2021, being the deadline to satisfy the Escrow Release Conditions, then the proceeds will be returned to the holders of the Subscription Receipts and the Subscription Receipts shall be cancelled.
Osisko Gold Royalties Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de