Osisko Development announced it has closed US$225 million through convertible notes, netting roughly US$215.9 million. The company says it will use the funds mainly to advance its B.C. Cariboo gold project.
Initial investors paid 96.4% of the notes’ principal value. Osisko also gave them 13 days to buy up to US$25 million. Separately, an affiliated fund, Double Zero Capital, has agreed to purchase a US$50 million worth of notes at full price. Certain initial investors will also receive 1.28 million warrants, giving them the right to purchase shares later.
The notes can be converted into shares at a rate that works out to US$3.68 per share, which is 25% higher than Osisko’s share price on May 20, 2026. The conversion rate can adjust, but only up to a maximum that equals US$2.94 per share. Because the notes and the shares tied to them are not registered, they cannot be sold to Canadian residents until Dec. 23, 2026, unless the seller qualifies for an exemption.
The Cariboo project is 100%-owned by Osisko and is the company’s flagship site in central B.C., viewed as foundational to the company’s growth strategy.
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