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