Osisko Development Corp. Announces Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MONTRÉAL, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Osisko Development Corp. (“Osisko Development”) (ODV: TSX-V) is pleased to announce that it has received initial commitments in connection with a non-brokered private placement of up to 1,333,333 units of Osisko Development ("Units") at a price of CDN$7.50 per Unit or US$5.75 per Unit, at the option of the subscriber, for aggregate gross proceeds of up to CDN$10 million (either in Canadian dollars of the U.S. dollar equivalent) (the "Offering"). Each Unit will consist of one common share in the capital of Osisko Development and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share in the capital of the Osisko Development at a price of CDN$10.00 per share for a period of 18 months following closing of the Offering. The Offering is subject to regulatory approvals, including conditional listing approval of the TSX Venture Exchange. The company may elect to increase the size of the Offering by issuing additional units.
The proceeds of the Offering will be used to further develop the Cariboo Gold Project, other exploration assets of Osisko Development and for general corporate purposes. The Units will be subject to applicable hold periods, including the typical four month hold period from the date of closing. The Offering may be closed in multiple tranches and is not subject to a minimum offering.
Sean Roosen, Chair and Chief Executive Officer of Osisko Development stated: “We are excited to see the launch of Osisko Development has already garnered a great deal of enthusiasm in the investment community. This private placement contribution will help achieve our vision of building on the rich past of the Cariboo Gold Project that began in 1860 into the prominent mining district it is becoming with each new drill hole. With more than 83 kilometers (50 miles) of mineralized trend identified and 8 drills turning, this is a very unique project in the Canadian gold space”.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful prior to registration under the U.S. Securities Act of 1933 or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.
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