Osisko Development announces $50m offering
NYSE- and TSX-V-listed Osisko Development has announced a new offering aimed at raising $50-million.
The company has entered into an agreement with lead agents to facilitate the sale of up to 27.78-million units at $1.80 each.
Each unit is comprised of one common share and one common share purchase warrant. The warrant provides holders the right to purchase one additional common share at a price of $3 a share, exercisable on, or before, October 1, 2029.
Osisko Development has granted the lead agents an option to sell an additional 4.17-million units at the offering price, exercisable up to 48 hours prior to the closing date.
The net proceeds from this offering will be directed towards advancing the company's Cariboo and Tintic projects, in addition to partially repaying its existing credit facility and supporting general corporate purposes.
The Cariboo project is an advanced stage, feasibility-level gold project located in central British Columbia in the historical Wells-Barkerville mining camp, while the Tintic project is in the historic East Tintic mining district of central Utah, US.
The closing of the offering is anticipated to occur on or about November 12, 2024.
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