Osisko Development (TSXV: ODV) has successfully closed the second and final tranche of its previously announced non-brokered private placement. More than 9.36 million subscription receipts of the company were issued under this tranche at a price of US$3.50 each, for additional gross proceeds of approximately US$32.8 million.
This, together with the US$84.8 million brought in under the first tranche, brings the total size of the private placement to approximately US$117.6 million.
Each subscription receipt offered entitles its holder to receive one unit of the company, with each unit comprising one common share and one common share purchase warrant. The warrants are exercisable at a price of US$6.00 per share for five years.
In early March, Osisko also closed its previously announced bought deal offering, which was brokered, totalling $103.5 million. The bought deal consisted of 13.73 million subscription receipts and 9.53 million units of the company.
Net proceeds of both offerings will be used to advance Osisko Development's North American gold assets, which are headlined by the Cariboo project in east-central British Columbia and the San Antonio project in Sonora, Mexico.
Earlier in the year, the company expanded its portfolio with its acquisition of the producing Trixie gold mine, which has one of the highest grades in the world, plus additional mineral claims located in the Tintic mining district of Utah.
Detail on the private placements can be found on www.OsiskoDevelopment.com.
April 25, 2024
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