12:52 PM EST, 11/12/2024 (MT Newswires) -- Osisko Development ( ODV ) on Tuesday said it closed a marketed private placement of share units, raising US$57.5 million.

The company said it placed 31.95-million units at US$1.80 each, including the full exercise of the agent's option. The offering included a lead order from Condire Investors, an investment firm based in Dallas for an 8.8% stake in Osisko (on a non-diluted basis). Osisko and Condire have agreed to find a mutually agreeable addition to the board or, alternatively, a board observer.

Each unit consists of a share and a five-year warrant to buy a share a for US$3.00.

"The closing of this significantly oversubscribed offering - alongside the recently closed successful US$34.5 million non-brokered offering - places the company in an excellent position to execute on key project de-risking milestones and pre-construction activities for the Cariboo Gold Project, including completion of an updated optimized feasibility study expected in Q2 2025," said chief executive Sean Roosen.

Proceeds will be used to advance the Cariboo project in B.C. and Tintic project in Utah.

The company's shares were last seen down $0.05 to $2.19 on the TSX Venture Exchange.

Price: 2.19, Change: -0.05, Percent Change: -2.23