05:29 PM EDT, 10/01/2024 (MT Newswires) -- Osisko Development ( ODV ) after trade Tuesday said it closed the first tranche of a non-brokered private placement of shares units, raising raising about US$24.2 million.

The company said it placed 13.43-million units in the financing, with each priced at US$1.80 and made up of a share and a five-year warrant to buy a second share for US$3.00

A second tranche is set to close in early October to accommodate additional demand, pending necessary approvals.

Net proceeds will be used to advance Cariboo Gold and Tintic projects, as well as for general corporate purposes, the company said.

Osisko shares closed up $0.02 to $2.91 on the TSX Venture Exchange.