Osisko Development (TSXV, NYSE: ODV) has successfully closed its $203 million bought deal private placement for the Cariboo gold project. The property, 65 km east of Quesnel, in British Columbia, is shovel ready. Both an underground mine and a carbon-in-pulp recovery plant are planned.
The offering consisted of two parts. First, the company issued approximately 58.6 million units at the issue price for aggregate gross proceeds of $120 million. The second is a non-brokered portion consisting of approximately 40.5 million units for gross proceeds of $85 million.
The non-brokered units were largely taken up by Double Zero Capital, a Delaware investment firm, and the units represent about 15.4% of Osisko Development’s issued and outstanding common shares. Each unit consists of one common share and one-half of a share purchase warrant exercisable at $2.56 per share.
Certain insiders of Osisko Development…
