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Osisko Development Corp
Symbol ODV
Shares Issued 142,764,305
Close 2022-03-21 C$ 4.18
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Osisko Development to close final placement tranche

2022-03-21 22:05 ET - News Release

Mr. Sean Roosen reports

OSISKO DEVELOPMENT PROVIDES UPDATE ON PREVIOUSLY-ANNOUNCED NON-BROKERED PRIVATE PLACEMENT

Osisko Development Corp. expects to close the second (and final) tranche of its previously announced non-brokered private placement of subscription receipts on March 29, 2022.

As previously announced, the first tranche of the corporation's non-brokered private placement closed on March 4, 2022, for gross proceeds of approximately $84.8-million (U.S.).

The corporation has increased the size of the second (and final) tranche of the offering by up to an additional $10-million (U.S.) of subscription receipts to accommodate increased demand to invest in Osisko Development. To that end, the second (and final) tranche of the corporation's non-brokered private placement is expected to close on March 29, 2022, pursuant to which up to an additional $35.5-million (U.S.) of subscription receipts may be issued.

The corporation intends to use the net proceeds of the offering to advance the development of the corporation's mineral assets and for general corporate purposes. All securities issued under the offering will be subject to a hold period expiring four months and one day from the date of issue. The offering remains subject to regulatory approvals, including conditional listing approval of the TSX Venture Exchange and completing the listing of the corporation's common shares on the New York Stock Exchange to satisfy the escrow release conditions required for the conversion of the subscription receipts.

About Osisko Development Corp.

Osisko Development is uniquely positioned as a premier gold development company in North America to advance the Cariboo gold project and other Canadian and Mexican properties, with the objective of becoming the next mid-tier gold producer. The Cariboo gold project, located in central British Columbia, Canada, is Osisko Development's flagship asset with a measured and indicated resource of 21.44 million tonnes at 4.6 grams per tonne gold for a total of 3.2 million ounces of gold and an inferred resource of 21.69 million tonnes at 3.9 g/t Au for a total of 2.7 million ounces of gold. The considerable exploration potential at depth and along strike distinguishes the Cariboo gold project relative to other development assets as do the historically low, all-in discovery costs of $19 (U.S.) per ounce. The Cariboo gold project is advancing through permitting as a 4,750-tonne-per-day underground operation with a feasibility study on track for completion in the first half of 2022. Osisko Development's project pipeline is complemented by potential near-term production targeted from the San Antonio gold project, located in Sonora, Mexico.

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