Osisko Development Corp. announced the successful closing of its oversubscribed private placement offering, raising approximately C$82.5 million in aggregate gross proceeds. The offering comprised 15,409,798 common shares of the company.
The financing included C$50 million from the issuance of national and British Columbia flow-through shares, and C$32.5 million from common shares issued under a concurrent private placement. Double Zero Capital LP, an insider, subscribed for 2,447,775 common shares for C$11,700,365, exercising its pre-emptive rights.
The company intends to use the net proceeds from the common shares to contribute to the capital required for the construction of the Cariboo Gold Project and related pre-construction activities. The flow-through share proceeds will fund eligible Canadian exploration expenses on the company's British Columbia properties, to be renounced by December 31, 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.