Osisko Development (ODV) said Tuesday it closed its private placement of about 31.9 million units at $1.80 per unit, which comprises one common share and one common share purchase warrant.
The gross proceeds were about $57.5 million, including the exercise in full of the agents' option, the company said.
Included in the offering was a lead order from Condire Investors, which now holds about 8.8% of Osisko's issued and outstanding common shares immediately after the offering was closed, Osisko said.
Each unit consists of a share and a warrant to buy a share for $3 on or before Oct. 1, 2029, according to the company.
The company said it plans to use the net proceeds to advance its Cariboo and Tintic projects, to repay its credit facility partially, and for general corporate purposes.
Osisko shares were down 4% in recent trading.
Price: 1.58, Change: -0.07, Percent Change: -3.96
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.