Osisko Development Files Close-Out Early Warning Report
06 July 2023 - 7:00AM
Osisko Development Corp. (NYSE: ODV, TSXV: ODV)
("
Osisko Development" or the
"
Company") announces that, through a series of
trades from September 26, 2022 to April 18, 2023, it has disposed
of a total of 7,959,000 common shares (the "
CUSN
Shares") of Cornish Metals Inc. (TSXV:CUSN)
("
Cornish Metals") through the facilities of the
TSX Venture Exchange, at prices ranging from $0.247 to $0.301 per
CUSN Share (net of commission), for proceeds to the Company of
$2,107,423 (net of commission) (collectively, the
"
Transactions"). Based on information contained in
documents publicly filed by Cornish Metals, the Company has
beneficial ownership of, or control or direction over, directly or
indirectly, less than 10% of the total issued and outstanding CUSN
Shares. Accordingly, the Company will no longer file insider
reports in respect of its ownership of securities of Cornish Metals
(except as may be required by applicable law).
Before giving effect to the Transactions, the
Company held, indirectly through its wholly-owned subsidiary
Barkerville Gold Mines Ltd., 53,833,333 CUSN Shares, representing
approximately 10.1% of the issued and outstanding CUSN Shares as at
September 28, 2022 (being 531,248,490 CUSN Shares based on the
management's discussion and analysis of Cornish Metals for the six
months ended July 31, 2022, as filed on The System for Electronic
Document Analysis and Review ("SEDAR") on
September 28, 2022). After giving effect to the Transactions, the
Company held, indirectly through its wholly-owned subsidiary
Barkerville Gold Mines Ltd., 45,874,333 CUSN Shares, representing
approximately 8.6% of the issued and outstanding CUSN Shares as at
April 27, 2023 (being 535,270,712 CUSN Shares based on the
management's discussion and analysis of Cornish Metals for the
financial year ended January 31, 2023, as filed on SEDAR on April
26, 2023).
The Company reviews its holdings from time to
time and may increase or decrease its position as future
circumstances may dictate. The Company, after reviewing market and
other conditions, decreased its holdings in Cornish Metals pursuant
to Transactions. The Company may, from time to time and at any
time, acquire CUSN Shares and/or other equity, debt or other
securities or instruments of Cornish Metals (collectively,
"CUSN Securities") in the open market or
otherwise, and reserves the right to dispose of any or all of its
CUSN Shares in the open market or otherwise at any time and from
time to time, and to engage in similar transactions with respect to
the CUSN Securities, the whole depending on market conditions, the
business and prospects of Cornish Metals and other relevant
factors.
This press release is being issued in accordance
with National Instrument 62-103 – The Early Warning System and
Related Take-Over Bid and Insider Reporting Issues in connection
with the filing of an early warning report dated July 5, 2023. The
early warning report respecting the Transactions has been filed on
SEDAR (www.sedar.com) under Cornish Metals' issuer profile. To
obtain a copy of the early warning report filed by the Osisko
Development, please contact Sean Roosen at (514) 940-0685 or refer
to SEDAR (www.sedar.com) under Cornish Metals' issuer profile.
The Company's head office is located at 1100
Avenue des Canadiens-de-Montréal, Suite 300, Montréal, Québec,
Canada, H3B 2S2. The early warning disclosure in this press
release, and the early warning report filing in connection with the
Transactions, was filed late due to administrative error.
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 potential of these properties,
that benefit from significant historical mining data, existing
infrastructure 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: sroosen@osiskodev.com |
Email: prabenok@osiskodev.com |
Tel: +1 (514) 940-0685 |
Tel: +1 (437) 423-3644 |
|
|
Neither the 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 press release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
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