Osisko Development closes upsized $82.5 million offering
Osisko Development Corp. [ODV-TSXV] has closed a previously announced oversubscribed private placement offering of 15.4 million common shares that has raised $82.5 million. The amount raised marks an increase from earlier targets of $60 million and $75 million.
The company said it intends to use the net proceeds of the common shares issued under the LIFE offering and concurrent private placement, to contribute to the capital required to construct the Cariboo Gold Project in British Columbia and related pre-construction activities.
The offering consisted of the following issuances pursuant to the LIFE Exemption, on a private placement basis.
National Flow-Through Shares: 2.99 million common shares that will qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada) priced at $6.69 per FT share for gross proceeds of $20 million.
British Columbia Flow-Through Shares: 1.44 million common shares to eligible British Columbia resident subscribers that will qualify as flow-through shares priced at $6.93 per share for gross proceeds of $10 million.
Common Shares: 4.18 million common shares priced at $4.78 per share for gross proceeds of $19.9 million.
As a result of the amendment, Osisko Development also completed a concurrent bought deal private placement of 6.8 million common shares priced at $4.78 per share for gross proceeds of $32.4 million.
The company said Double Zero Capital LP, which is a company insider, subscribed for 2.44 million common shares at a price of $4.78 for gross procees of $11.7 million. It did so to exercise its pre-emptive rights in relation to an investor rights agreement dated August 15, 2025.
Osisko is a continental North American gold development company with a focus on past-producing mining camps located in friendly jurisdictions with district scale potential. The company aims to become an intermediate gold producer by advancing its flagship permitted 100%-owned Cariboo Gold Project in central B.C. Its project pipeline is complemented by the Tintic Project in the historic East Tintic mining district in Utah, and the San Antonio Gold Project in Sonora, Mexico.
The Cariboo project is located in the historic Wells-Barkerville mining camp and consists of three different sites, including the Mine Site Complex near the District of Wells, the Bonanza Ledge site and the QR Mill.
Back in January, 2023, Osisko released the results of a feasibility study for the Cariboo gold project.
The company said the study outlines a robust and scalable phased development base case with low initial capital intensity of $137.3 million and attractive operating costs for underground development, producing 1.87 million ounces of gold over a 12-year mine life.
On Wednesday, Osisko Development shares eased 4.6% or $0.20 to $4.10. The shares are currently trading in a 52-week range of $5.44 and $1.64.