Osisko raises $125m for Cariboo drilling
Gold developer Osisko Development has announced a $125-million bought deal public offering to fund mineral resource-to-reserve conversion drilling and advance mine planning at its Cariboo gold project in British Columbia.
The Canada- and US-listed company has entered into an agreement with National Bank Capital Markets, RBC Capital Markets and Cantor, acting as co-lead underwriters and co-bookrunners, under which the syndicate will acquire 35.31-million common shares at $3.54 a share.
The transaction will generate gross proceeds of about $125-million.
Osisko Development said the net proceeds would be used to fund infill conversion drilling and at-depth exploration at Cariboo, as well as for general working capital purposes.
The company has also granted the underwriters an over-allotment option to purchase up to a further 5.3-million shares at the same price, which could raise additional gross proceeds of up to about $18.8-million. The option is exercisable for 30 days following the closing of the offering.
The financing is being completed by way of prospectus supplements in Canada and the US, with the Canadian prospectus supplement to be filed within two business days under the company’s profile on SEDAR+.
The base offering is expected to close on or about January 30, subject to regulatory approvals, including conditional approval from the TSX-V and listing approval from the NYSE.
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