09:02 AM EDT, 06/10/2024 (MT Newswires) -- Osisko Development ( ODV ) said Monday that it amended a US$50 million credit agreement with National Bank of Canada ( NTIOF ) through its wholly-owned subsidiary Barkerville Gold Mines Ltd.

The amendments include an eight-month extension to the maturity date of the credit facility to Oct. 31, 2025.

The agreement also allows the reduction in the mandatory prepayment amount to 50% of each incremental dollar raised in excess of US$25 million in respect of certain financings.

"The amendment of the credit facility provides us with additional financial flexibility as we continue to advance the Cariboo gold project to shovel ready status, with permits expected in the Q3 2024, and explore opportunities to execute on our growth strategy," Chairman and CEO Sean Roosen said.