MONTREAL, September 26, 2022 (GLOBE NEWSWIRE) — Osisko Development Corp. (“ossico development” or “CompanyTintic Consolidated Metals, LLC (“TCM” Also “tinticOur indirect wholly-owned subsidiary”) will become the previously announced Osisko Bermuda Limited (”OBL“) Metal Purchase Agreement dated 12 August 2022 (“stream contract”). All the conditions to complete the stream deal were met, including that TCM received an upfront payment of US$20 million from his OBL, which will be used to advance Tintic’s development. Pursuant to the Steam Agreement, beginning May 29, 2022, OBL will receive 2.5% of refined metals production from Tintic until 27,150 ounces of refined gold is delivered, after which OBL will receive 2.0% of refined metals production from TCM. OBL will pay TCM an ongoing cash payment equal to 25% of the applicable spot metal price on the business day immediately preceding the delivery date for each ounce of refined metal delivered pursuant to the Stream Agreement.
For more information on Metal Stream by OBL, see our news release dated May 30, 2022.
About Osico Development
Osisko Development Corp. is uniquely positioned as North America’s premier gold developer, advancing the Caribou Gold Project and other assets in Canada, the United States and Mexico, and aims to become the next middle-tier gold producer I’m here. Located in central British Columbia, Canada, the Caribou Gold Project is the flagship asset of Ocisco Development. Substantial exploration potential along depth and strike distinguishes the Caribou Gold Project from other development assets. Osisko Development’s project pipeline is complemented by interests in the San Antonio gold project in Sonora, Mexico, and the Trixie gold test mine in Utah, USA.
For more information about Osisko Development (NYSE:ODV; TSX-V:ODV), please visit: www.osiskodev.com Or follow us on Twitter @OsiskoDev
|For more information about Osisko Development Corp., please contact:
Sean Rosen, CEO
Jean François Lemonde, VP Investor Relations
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. may be These forward-looking statements, by their nature, require Osisko Development to make certain assumptions and could cause actual results to differ materially from those expressed or implied by these forward-looking statements. entails certain known and unknown risks and uncertainties. Forward-looking statements are not guarantees of performance. “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “expect”, “intend”, “estimate” The words “will”, “continue” or negative words or equivalent terms and terms commonly used in the future and conditionally are intended to identify forward-looking statements. Information contained in forward-looking statements, including historical trends, current conditions, management’s perception of expected future developments and other anticipated considerations, may not be used to draw conclusions or forecasts or Based on certain key assumptions applied in making the forecast. In addition, other information that is not historical fact may be “forward-looking information.” Although Ocisco Development believes its assumptions to be reasonable based on currently available information, it is subject to risks and uncertainties that make assumptions regarding future events, many of which are・Warning readers that things are beyond the control of Development and may ultimately prove to be incorrect affecting Osisko Development and its business. Such risks and uncertainties include, among others, risks relating to capital market conditions and regulatory frameworks. Ability of TCM and OBL to complete their obligations under the Stream Agreement. Risks associated with exploration, development and mining activities. world economic conditions; and metal prices. Readers are requested to provide (i) under the heading “Risk Factors” on the Company’s Annual Information Form for the year ended December 31, 2021 and (ii) under the heading “Risks and Uncertainties” We recommend that you refer to the disclosure. Management’s discussion and analysis (including amendments) for the fiscal year ended December 31, 2021, respectively on Osisko Development’s issuer profile on SEDAR (www.sedar.com) and on the SEC’s EDGAR website. (www.sec.gov), for further information regarding the risks and other factors applicable to exploration results. However, we cannot guarantee future results, levels of activity and achievements. We disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events, results or otherwise, except as required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results or future events could differ materially from those projected in these statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
Osisko Development announces closure of US$20 million metal stream to propel Tintic forward, The Canadian Business Journal
Source link Osisko Development announces closure of US$20 million metal stream to propel Tintic forward, The Canadian Business Journal