Osisko Development Closes US$203 Million Private Placement Financing

Core Viewpoint - Osisko Development Corp. successfully closed a private placement of 99,065,330 units at a price of US$2.05 per unit, raising approximately US$203 million to fund the Cariboo Gold Project and for general corporate purposes [1][5]. Offering Details - The offering consists of a brokered private placement of 58,560,000 units for approximately US$120 million and a non-brokered private placement of 40,505,330 units for approximately US$83 million [2]. - Double Zero Capital LP subscribed for approximately US$75 million in the non-brokered offering, representing about 15.4% of the issued and outstanding common shares post-offering [2]. Management Commentary - The Chairman and CEO expressed satisfaction with the offering's completion and highlighted it as a strong endorsement of the Cariboo Gold Project, following a previous US$450 million project financing [3]. Use of Proceeds - The net proceeds from the offering will be used to fund the equity portion of the capital required for the Cariboo Gold Project and for general corporate purposes [5]. Underwriters and Fees - The brokered offering was led by BMO Capital Markets and RBC Capital Markets, with a cash commission of 4.5% paid to the underwriters [6]. Insider Participation - Certain insiders subscribed for 628,000 units, generating gross proceeds of US$1,287,400, which is considered a related party transaction [9]. Double Zero's Investment - Double Zero acquired 36,600,000 common shares and 18,300,000 warrants, representing approximately 16.0% of the issued common shares on a non-diluted basis [10]. - An investor rights agreement was established, granting Double Zero the right to nominate one director and other customary rights [13].