Upsize of Previously-Announced Non-brokered P. P. NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MONTRAL, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. ("Osisko Development") (ODV: TSX-V) is pleased to announce that, in response to overwhelming interest in its previously-announced non-brokered private placement (as amended, the "Offering"), the Offering will be upsized up to 31,500,000 subscription receipts of Osisko Development ("Subscription Receipts") at a price of US$3.50 per Subscription Receipt for aggregate gross proceeds of up to approximately US$110.3 million. Osisko Development may elect to increase the size of the Offering by issuing additional Subscription Receipts, subject to approval of the TSX Venture Exchange.
Each Subscription Receipt issued pursuant to the Offering will entitle the holder thereof to receive, upon the satisfaction of the Escrow Release Condition (as defined below) and without payment of additional consideration, one unit of Osisko Development (each, a "Unit"). Each Unit will comprise of one common share in the capital of Osisko Development (each, a "Common Share") and one Common Share purchase warrant (each whole warrant, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional Common Share at a price of US$6.00 per Common Share for a period of five years following the date of issue.
The gross proceeds of the Offering will be held in escrow pending, among other things, the completion of the listing of the Common Shares on the New York Stock Exchange ("Escrow Release Condition"), which is contingent upon Osisko Development meeting the listing requirements of the New York Stock Exchange ("NYSE") and may involve, among other things, a consolidation of the Common Shares. If the Escrow Release Condition is met, Osisko Development anticipates that the proceeds of the Offering will be used to advance the development of Osisko Development's mineral assets and for general corporate purposes.
The Offering is subject to regulatory approvals, including conditional listing approval of the TSX Venture Exchange for the Common Shares and Warrants. The securities issued pursuant to the Offering will be subject to applicable hold periods, including the typical four month hold period from the date of closing of the Offering. The Offering may be closed in multiple tranches and is not subject to a minimum offering.
https://www.globenewswire.com/news-release/2022/02/07/2380318/0/en/Osisko-Development-Announces-Upsize-of-Previously-Announced-Non-brokered-Private-Placement.html