Osisko Development (US:ODV) Globenewswire·2025-11-24 12:20Core Viewpoint - Osisko Development Corp. has entered into a securities purchase agreement to sell its 100% interest in the San Antonio Gold Project to Axo Copper Corp. This transaction aligns with the company's strategy to focus on priority development assets [1][2]. Group 1: Transaction Details - The transaction involves Osisko Development selling its interest in the San Antonio Gold Project, located in Sonora State, Mexico, to Axo Copper Corp. [1] - Upon closing, Osisko Development will receive 15,305,536 common shares of Axo, equating to a 9.99% ownership stake in Axo on a non-diluted basis [2][3]. - The transaction is subject to customary closing conditions, including acceptance by the TSX Venture Exchange [3]. Group 2: Contingent Payments - Osisko Development is entitled to contingent payments, including a cash payment equal to 70% of any Mexican value-added tax refund due to Sapuchi [7]. - Additional payments include US$2,000,000 upon the public filing of a feasibility study by Axo and another US$2,000,000 upon the first gold pour at the Project [7]. - If Axo completes equity financings resulting in at least US$10,000,000 in gross proceeds, Osisko Development will receive additional Axo Shares to maintain its 9.99% interest [7]. Group 3: Company Background - Osisko Development Corp. is focused on developing past-producing mining camps in North America, aiming to become an intermediate gold producer [5]. - The company is advancing its flagship Cariboo Gold Project and has a project pipeline that includes the Tintic Project in Utah, U.S.A. [5].