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Osisko Development Announces NYSE Listing and Satisfaction of Escrow Release Condition for US$119.4 Million Subscription Receipt Financing

Press Release

Montréal, May 27, 2022 – Osisko Development Corp. (“Osisko Development” or the “Company”) (ODV: TSX-V & NYSE) is pleased to announce that its common shares (each, a “Common Share”) have commenced trading on the New York Stock Exchange (“NYSE”) under the symbol “ODV”.

Consequently, the Company has satisfied the escrow release condition relating to the 34,093,768 subscription receipts of the Company (the “Subscription Receipts”) for gross proceeds (including earned interest) of US$119.4 million (the “Escrowed Funds”), which were issued on a non-brokered private placement basis (the “Offering”).

The Escrowed Funds have been released to the Company, and each Subscription Receipt has been automatically converted into (i) one-third of one Common Share1, and (ii) one-third of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to purchase one Common Share at a price of US$18.001 until May 27, 2027.

Following the conversion of the 34,093,768 Subscription Receipts (which were issued prior to the Share Consolidation), a total of 11,363,933 Common Shares and 11,363,933 Warrants (entitling the holders thereof to purchase up to 11,363,933 Common Shares) have been issued.

A portion of the net proceeds of the Offering will be used to fund the cash consideration for the acquisition of Tintic Consolidated Metals LLC, with the remaining funds to be used to advance the development of the Company’s mineral assets and for general corporate purposes. All securities under the Offering are subject to a hold period expiring four months and one day from the date of issue pursuant to applicable Canadian Securities laws.

About Osisko Development

Osisko Development Corp. is uniquely positioned as a premier gold development company in North America to advance the Cariboo Gold Project and other Canadian and Mexican properties, with the objective of becoming the next mid-tier gold producer. The Cariboo Gold Project, located in central British Columbia, Canada, is Osisko Development’s flagship asset. The considerable exploration potential at depth and along strike distinguishes the Cariboo Gold Project relative to other development assets. Osisko Development’s project pipeline is complemented by its interest in the San Antonio gold project, located in Sonora, Mexico.

For further information about Osisko Development Corp., please contact:

Jean Francois Lemonde, VP Investor Relations
Telephone: (514) 299-4926
Email:[email protected]

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