Osisko Development Prices $275 Million Convertible Notes Offering; Shares Down Pre-Bell

MT Newswires Live05-21

Osisko Development (ODV) priced a $275 million offering and a concurrent private placement of 4.125% convertible senior unsecured notes due June 15, 2031, the company said Thursday.

Qualified institutional buyers have agreed to purchase $225 million of the notes, while company affiliate Double Zero Capital will buy $50 million.

Initial purchasers have an option to buy up to an additional $25 million of notes.

The company expects the offering and the private placement to close May 26 and May 29, respectively, and plans to use the net proceeds to develop the Cariboo gold project in British Columbia, among other things, it said.

Osisko Development shares were down 12% in premarket activity.

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