Osisko Development Completes US$143.8 Million "Bought Deal" Public Offering of Common Shares Including Full Exercise of Over-Allotment Option

Core Viewpoint - Osisko Development Corp. has successfully completed a prospectus offering of common shares, raising approximately US$143.75 million to fund drilling and exploration activities at its Cariboo Gold Project, which is seen as a pivotal moment for the company in 2026 [1][2]. Group 1: Offering Details - The company issued a total of 40,607,650 common shares at a price of US$3.54 per share, resulting in gross proceeds of US$143,751,081, including the full exercise of the underwriters' over-allotment option [1]. - The offering was conducted on a "bought deal" basis with underwriters including National Bank Capital Markets, RBC Capital Markets, and Cantor as co-lead underwriters [1]. - A cash commission of 4.5% of the aggregate gross proceeds was paid to the underwriters in connection with the offering [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for infill conversion drilling and at-depth exploration at the Cariboo Gold Project, as well as for general working capital purposes [3]. - The company aims to accelerate infill conversion drilling to upgrade existing mineral resources to mineral reserves, potentially enhancing annual gold production [2]. Group 3: Insider Participation - Double Zero Capital LP, an insider of the company, purchased 8,080,000 common shares for gross proceeds of US$28,603,200, exercising its pre-emptive rights under an investor rights agreement [5]. - The transaction is classified as a "related party transaction" under Multilateral Instrument 61-101, and the company is relying on exemptions from formal valuation and minority shareholder approval requirements [5]. Group 4: Regulatory and Compliance - The offering is subject to final approval from the TSX Venture Exchange [6]. - The offering was completed in Canada and the United States through respective prospectus supplements filed with the appropriate regulatory authorities [4]. Group 5: Company Overview - Osisko Development Corp. is focused on developing its flagship Cariboo Gold Project in British Columbia, aiming to become an intermediate gold producer [8]. - The company also has a project pipeline that includes the Tintic Project in Utah, which has significant exploration potential [8].