Osisko Development Announces Proposed Reduction IN Exercise Price of Warrants Issued IN 2022
NYSE: ODV TSXV: ODV NEWS RELEASE
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OSISKO DEVELOPMENT ANNOUNCES PROPOSED REDUCTION
IN EXERCISE PRICE OF WARRANTS ISSUED IN 2022
Montreal, Québec, March 14, 2023 – Osisko Development Corp. (NYSE: ODV, TSXV: ODV) ("Osisko
Development" or the "Company") is pleased to announce that the Company has received the required
approvals of the Company's Board of Directors and made an application to the TSX Venture Exchange to
reduce the exercise price of the common share purchase warrants issued in 2022 (the " Warrants") under
the following brokered and non-brokered private placements, as summarized below:
Private Placement Warrants Issued(1)(2) Proposed Amendments(1)(2)
March 2, 2022
(Brokered Private
Placement)
7,752,916 Warrants issued pursuant to a
brokered private placement of units and
subscription receipts of the Company, with
each Warrant entitling the holder thereof to
purchase one common share of the
Company (each, a " Common Share") at a
price of C$22.80 per Common Share until
March 2, 2027
Reduce the exercise price of the
Warrants issued under the
brokered private placement from
C$22.80 to C$14.75 per
Common Share
March 4, March 29
and April 21, 2022
(Non-Brokered
Private Placements)
11,363,933 Warrants issued pursuant to a
non-brokered private placement of
subscription receipts, with each Warrant
entitling the holder thereof to purchase one
Common Share at a price of US$18.00 per
Common Share until May 27, 2027
Reduce the exercise price of the
Warrants issued under the non -
brokered private placement from
US$18.00 to US$10.70 per
Common Share
Notes:
(1) Figures presented after giving effect to the Consolidation (as defined below). On May 3, 2022, subsequent to closing the above-
noted private placements, the Company completed a consolidation of its Common Shares on the basis of one (1) post -
consolidation C ommon Share for every three (3) pre -consolidation common shares (the " Consolidation"). Accordingly, the
Warrants were adjusted to give effect to the Consolidation. All numerical figures and exercise prices in respect of the Warra nts
provided in this news release are provided on a post-Consolidation basis.
(2) The exercise prices of the Warrants originally issued in Canadian and United States dollars, respectively, will continue to b e
denominated in their original currency of denomination, with the adjusted exer cise prices being equivalent based on the daily
exchange rate for Canadian and U.S. dollars as at March 8, 2023.
Sean Roosen, Chairman and CEO, commented, "The proposed warrant repricing is consistent with the
interests of all shareholders who have provide d and continue to provide considerable support to the
Company as we execute on our goal of becoming the next North American-focused mid-tier gold producer."
The proposed Amendments remain subject to the approval of the TSX Venture Exchange. The
exercise price for the Warrants have been reduced in accordance with the policies of the TSX Venture
Exchange and are expected to become effective prior the end of March 2023, without the need to obtain
warrantholder approval.
About Osisko Development Corp.
Osisko Development Corp. is a premier North American gold development company focused on high-quality
past-producing properties located in mining friendly jurisdictions with district scale potential. The Company's
objective is to become an intermediate gold producer by advancing its 100%-owned Cariboo Gold Project,
located in central B.C., Canada, the Tintic Project in the historic East Tintic mining district in Utah, U.S.A.,
and the San Antonio Gold Project in Sonora, Mexico. In addition to considerable brownfield exploration
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potential of these properties, that benefit from significant historical mining data, existing i nfrastructure and
access to skilled labour, the Company's project pipeline is complemented by other prospective exploration
properties. The Company 's strategy is to develop attractive, long -life, socially and environmentally
sustainable mining assets, while minimizing exposure to development risk and growing mineral resources.
For further information, please contact Osisko Development Corp.:
Sean Roosen Philip Rabenok
Chairman and CEO Director, Investor Relations
Email: [email protected] Email: [email protected]
Tel: +1 (514) 940-0685 Tel: +1 (437) 423-3644
CAUTION REGARDING FORWARD LOOKING STATEMENTS
This news release contains "forward‐looking information" (within the meaning of applicable Canadian securities laws) and "forward ‐
looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information
are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project",
"outlook", "foresee" or similar words suggesting future outcomes or statements regarding any potential outcome. Such forward -
looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or
other expectations to differ materially from those anticipated and which may prove to be incorrect. Actual results could differ materially
due to a number of factors, including, without limitation, the ability of the Company to complete the Amen dments or to satisfy the
requirements of the TSX Venture Exchange with respect to the Amendments; the timing and ability to complete the Amendments on
the terms described herein (if at all). Although the Company believes that the expectations reflected in the forward‐looking information
or statements are reasonable, prospective investors in the Company securities should not place undue reliance on forward -looking
statements because the Company can provide no assurance that such expectations will prove to be correct. Forward ‐looking
information and statements contained in this news release are as of the date of this news release and the Company assumes no
obligation to update or revise this forward-looking information and statements except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the information contained herein.