Osisko Development Raises $300 Million Through Convertible Notes
Osisko Development Corp. announced the closing of additional convertible senior notes, bringing the total offering to $300 million. The funds are earmarked for the development of the Cariboo Gold Project.
Osisko Development Corp. announced on June 1, 2026, the closing of additional 4.125% convertible senior notes totaling US$75.0 million in aggregate principal amount. This brings the total gross proceeds from the offerings to US$300 million.
The latest closings include US$25.0 million from the full exercise of the initial purchasers' option and US$50.0 million from a concurrent private placement with Double Zero Capital, LP. The net proceeds are intended for the development of the Cariboo Gold Project and general corporate purposes.
In addition to funding project development, Osisko Development entered into cash-settled capped call transactions. These are designed to offset potential economic dilution and effectively increase the conversion premium to 100% from 25%.
Osisko Development stated that the convertible notes offer a lower cost of capital compared to traditional project financing and provide financial flexibility. The company aims to advance the Cariboo Gold Project towards a final investment decision with the strengthened balance sheet.