Osisko raises US$195M to advance Cariboo gold project

Osisko Development (NYSE: ODV, TSXV: ODV) announced it has struck a deal with a syndicate of underwriters led by BMO Capital Markets and RBC Capital Markets. The underwriters agreed to purchase 58,560,000 units of the company in a "bought deal" private placement at US$2.05 per unit, raising gross proceeds of approximately US$120 million.

Each unit includes one common share and half a warrant, with the right to buy an additional share at US$2.56 within 24 months. The company granted the underwriters an option to buy up to an extra 2,440,000 units, increasing total funding potential to US$125 million.

Simultaneously, Osisko plans a private placement of 36.6 million units to a strategic investor at the same price, securing an additional US$75 million. The company anticipates entering into an investor rights and voting support agreement with this strategic partner, including a potential director appointment.

Proceeds from both offerings will fund the construction of the Cariboo gold project and support general corporate activities. The company believes the combined capital—alongside a US$450 million project loan announced earlier—will fully finance the project's development. Additional potential funding sources are also under active negotiation.

Cariboo is a shovel-ready underground gold and silver mine in British Columbia. A feasibility study on the project, released in April 2025, envisions a robust and scalable underground operation expected to produce about 1.89 million ounces of gold over a 10-year mine life.

The offerings are scheduled to close around August 15, 2025, pending regulatory approvals, including TSX Venture Exchange and NYSE clearances. The securities have not been registered in the U.S. and cannot be sold there without compliance with relevant securities laws.

For more information, visit www.OsiskoDev.com.