Osisko Development Achieves NYSE Listing, To Remove Escrow On $119.4 Million Financing
It appears that another Canadian issuer is headed to the US big boards. Osisko Development (TSXV: ODV) yesterday indicated that it will be the latest such issuer to make the jump, with the announcement that it has been approved to list on the New York Stock Exchange.
The company is expected to begin trading on the exchange later this week, on Friday May 27. Osisko is to trade under the symbol “ODV”, similar to its Canadian listing. The listing on the TSX Venture meanwhile is to remain unchanged.
Notably, with the listing now achieved the company will soon gain access to proceeds of US$119.4 million that it raised earlier this year, which was contingent on achieving a listing on the NYSE under the attached escrow conditions. The financing originally began at just $10 million at a price per share of US$6.00, before a substantial expansion occurred as a result of investor demand.
The release of the funds appears to have come down to the wire, with escrow conditions stating that the company had until June 15 to satisfy the condition, with conditions to be met with just over two weeks remaining on that timeframe. Proceeds are marked to be used for the development of its mineral properties and general corporate purposes.
Osisko Development last traded at $10.01 on the TSX Venture.
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