Osisko Development Closes First Tranche of Previously Announced Non-Brokered Private Placement for US$24.2 Million

Osisko Development Closes First Tranche of Previously Announced Non-Brokered Private Placement for US$24.2 Million

Benzinga
October 1, 2024

MONTREAL, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE:ODV, TSXV:ODV) ("Osisko Development" or the "Company") is pleased to announce the successful closing of the first tranche of its previously announced non-brokered private placement, announced on September 4, 2024, pursuant to which the Company issued 13,426,589 units of the Company (the "Units") at a price of US$1.80 per Unit for aggregate gross proceeds of approximately US$24.2 million (the "Offering").

The Company anticipates closing a second tranche of the Offering in early October 2024 to accommodate additional interest for the Units, subject to certain conditions including, but not limited to, the receipt of all necessary approvals.

Each Unit consists of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant of the Company (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional Common Share (each, a "Warrant Share") at a price of US$3.00 per Warrant Share on or prior to October 1, 2029.

Certain insiders of the Company (collectively, the "Insiders"), including all of the directors of the Company, have agreed to purchase an aggregate of 1,056,555 Units pursuant to the Offering. Participation by the Insiders in the Offering is a "related party transaction" for purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insiders' participation in the Offering pursuant to Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to, nor the consideration paid by, the Insiders exceeded 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing of the Offering, as the Insiders' participation had not been confirmed at that time and the Company wished to close the transaction as ...

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