Osisko Development Corp Announces Successful Closing of Private Placement
MONTREAL, Nov. 12, 2024 (GLOBE NEWSWIRE) —
Osisko Development Corp. (NYSE: ODV, TSXV: ODV) (“Osisko Development” or the “Company”) is pleased to announce the successful closing of its previously announced private placement of 31,946,366 units of the Company (“Units”) at a price of US$1.80 per Unit, including the exercise in full of the Agents’ option, for aggregate gross proceeds of approximately US$57.5 million (the “Offering”).
The Offering included a lead order from Condire Investors, LLC (“Condire”), an investment firm based in Dallas, Texas, resulting in an approximate 8.8% holding in the Company’s issued and outstanding common shares immediately following the closing of the Offering (on a non-diluted basis).
Concurrently with the Offering, the Company and Condire have agreed to find a mutually agreeable addition to the Company’s Board of Directors or, alternatively, a Board observer.
Impact on Individuals:
This successful private placement by Osisko Development Corp could potentially have a positive impact on individual investors, as it demonstrates confidence in the company’s growth prospects. With Condire Investors, LLC taking a significant stake in the Company, it could signal future opportunities for growth and profitability.
Global Implications:
On a larger scale, the successful closing of the private placement could have positive implications for the mining industry as a whole. It shows that investors are willing to support and invest in mining companies, which could lead to increased exploration, development, and production of mineral resources worldwide.
Conclusion:
Overall, Osisko Development Corp’s successful private placement is a positive development for the company and the mining industry. It signifies confidence in the company’s future prospects and could lead to further growth opportunities. Additionally, it demonstrates the importance of strategic partnerships in driving success and innovation in the mining sector.
