ODV - Osisko Development to Complete Second Deferred Payment Installment in Connection With the Tintic Acquisition | Benzinga
MONTREAL, June 03, 2024 (GLOBE NEWSWIRE) -- Osisko Development Corp. (NYSE:ODV, TSXV:ODV) ("Osisko Development" or the "Company") announces that, in accordance with the terms of the Company's previously-completed acquisition of a 100% ownership interest in the Tintic Project, located in Utah, U.S.A., in May 2022 (the "Tintic Acquisition"), the Company intends to satisfy the second of five deferred payments (the "Second Deferred Payment") to the sellers of the Tintic Project (the "Sellers") in common shares of the Company ("Common Shares").
The Second Deferred Payment of US$2,500,000 (or C$3,418,500 based on a USD/CAD exchange rate of 1.3674) is expected to be paid entirely in Common Shares at a deemed price of C$2.7829 per Common Share (based on the 20-day VWAP as of May 23, 2024), resulting in the issuance of 1,228,394 Common Shares to the Sellers in full satisfaction of the Second Deferred Payment.
The issuance of the Common Shares in satisfaction of the Second Deferred Payment remains subject to the approval of the TSX Venture Exchange.
For additional details regarding the Tintic Acquisition, please refer to the Company's news releases dated January 25, 2022 (entitled "Osisko Development Announces Proposed Acquisition of Tintic Consolidated Metals") and May 30, 2022 (entitled "Osisko Development Completes Acquisition of Tintic Consolidated Metals, Finalizes Binding Stream Terms and Satisfies Escrow Release Condition For Brokered Subscription Receipt Financing").
ABOUT OSISKO DEVELOPMENT CORP.
Osisko Development Corp. is a North American gold development company focused on past-producing mining camps located in mining friendly jurisdictions with ...