Osisko Development Corp. Announces Pricing of Convertible Senior Notes Offering

Osisko Development Corp. has announced the pricing of US$275.0 million in aggregate principal amount of 4.125% convertible senior notes due 2031. The offering, which includes US$50.0 million purchased by an affiliate and an option for initial purchasers to buy an additional US$25.0 million, is structured as a private placement to qualified institutional buyers. The notes are convertible into cash, common shares, or a combination thereof, with an initial conversion price of approximately US$3.68 per share, representing a 25.0% premium. The company also entered into cash-settled capped call transactions with a cap price of US$5.88 per share to mitigate potential dilution. Net proceeds, estimated at approximately US$215.9 million (or US$240.0 million if the additional option is exercised), are intended for the development of the Cariboo Gold Project and general corporate purposes, after accounting for the cost of the capped call transactions. The offering is subject to customary closing conditions and TSX Venture Exchange acceptance. The notes and underlying shares have not been registered under the Securities Act and may only be offered or sold pursuant to exemptions.