Osisko Development Signs Agreement to Sell 35.31M Shares for $125M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3d ago
0mins
Osisko Development Corp. announced that it has entered into an agreement with National Bank Capital Markets, RBC Capital Markets and Cantor, as co-lead underwriters and co-bookrunners, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a "bought deal" basis, 35.31M common shares of the company, at a price of $3.54 per share, for gross proceeds of $125M. The company intends to use the net proceeds of the offering to fund infill conversion drilling and at depth exploration at the Cariboo Gold Project and for general working capital purposes.
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Analyst Views on ODV
Wall Street analysts forecast ODV stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ODV is 6.12 USD with a low forecast of 5.76 USD and a high forecast of 6.48 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 3.870
Low
5.76
Averages
6.12
High
6.48
Current: 3.870
Low
5.76
Averages
6.12
High
6.48
About ODV
Osisko Development Corp. is a continental North American gold development company focused on past-producing mining camps. Its projects include Cariboo Gold Project and Tintic Project. The Cariboo Gold Project is a 100% owned gold and silver project covers an area of over 192,000 hectares (ha) land package and it is located in British Columbia, Canada. The Tintic Project is an exploration and development stage precious and base metal property, located in western Utah County, 95 south of Salt Lake City. The Tintic Project encompasses the East Tintic District with 23 past-producing mines and includes the Trixie gold deposit, one of several gold and base metal targets, including porphyry, epithermal and carbonate targets within the project boundaries. Its James Bay Properties cover approximately 86,000 ha in northern Quebec Canada. Its exploration metals include lithium and precious metals.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Osisko Development Completes Sale of San Antonio Gold Project
- Transaction Completion: Osisko Development has successfully sold its 100% interest in the San Antonio Gold Project located in Sonora, Mexico, receiving 15,325,841 Axo common shares, representing a 9.99% stake, thereby enhancing its capital base in gold mining development.
- Potential Earnings: The transaction includes future cash payments and stock options, with Osisko expected to receive $2 million in cash or up to 9,398,496 Axo shares upon Axo's public filing of a feasibility study, further improving the company's financial flexibility.
- Financing Conditions: Should Axo raise over $10 million in equity financing, Osisko will retain a 9.99% interest in Axo, reflecting the company's strategic positioning for future market opportunities and ensuring long-term benefits.
- Legal Support: Bennett Jones LLP acted as legal advisor to Osisko in this transaction, ensuring compliance and smooth execution, showcasing the company's expertise in navigating complex deals.
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Market Surge: Spot gold prices have surged above $5,300, setting new records in the market.
FOMC Meeting Anticipation: The increase in gold prices comes ahead of the upcoming Federal Open Market Committee (FOMC) meeting.
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