- Osisko Development Corp. (ODV) has signed definitive agreements with IG Tintic LLC and Ruby Hollow LLC to acquire 100 per cent of Tintic Consolidated Metals LLC
- Osisko Development will acquire the ownership of Trixie Mine, and mineral claims covering more than 17,000 acres in the Tintic Mining District
- Tintic’s recent discovery positions Trixie Mine as one of the highest-grade gold mines in the world
- Osisko Development will pay the vendors for approximately US$177 million for the acquisition, US$54 million of which will be paid in cash
- Osisko Development will also issue the vendors 35,099,611 common shares at a price of $4.32 per share for an aggregate value of approximately US$123 million at closing
- Osisko Development Corp. (ODV) is up 6.60 per cent trading at $4.68 per share as of 12:10 p.m. EST
Osisko Development Corp. (ODV) has signed definitive agreements with IG Tintic LLC and Ruby Hollow LLC to acquire Tintic Consolidated Metals LLC.
Osisko Development will acquire the ownership of Trixie Mine, and mineral claims covering more than 17,000 acres in the Tintic Mining District of central Utah.
Tintic’s recent discovery positions Trixie Mine as one of the highest-grade gold mines in the world.
Osisko Development will pay the vendors approximately US$177 million for the acquisition, US$54 million of which will be paid in cash.
Osisko Development will pay the vendors US$12.5 million in deferred payments.
The vendors will receive a two per cent net smelter return royalty with a 50 per cent buyback right which is exercisable within five years of the closing of the transaction.
Osisko Development will also issue 35,099,611 common shares to the vendors for an aggregate value of approximately US$123 million at closing.
Ongoing exploration work demonstrates the potential for expansion and further discovery at Trixie and the broader land package.
Tintic is a joint venture with 75 per cent owned by IG Tintic and 25 per cent by Chief Consolidated Mining Company.
Ruby Hollow holds an indirect 25 per cent interest in Tintic through its ownership of approximately 83 per cent of the stock of Chief.
Osisko Development Corp. (ODV) is up 6.60 per cent trading at $4.68 per share as of 12:10 p.m. EST.
