30 Nov Osisko Gold Royalties launches new North America-focused gold company
Osisko Gold Royalties has launched a new gold mining company – Osisko Development Corp – which aims to become the next mid-tier gold producer in North America.
Common shares of Osisko Development will begin trading on the TSX Venture Exchange (TSXV) on December 2, 2020, under the symbol ‘ODV’, the company said in a media release.
Both entities completed their previously announced spin-out transaction, which involved Osisko Royalties transferring the Cariboo Gold Project, located in Canadian British Columbia to Osisko Development Holdings
Cariboo will become the company’s flagship asset with a measured and indicated resource of 21.44 million tonnes (Mt) at 4.6 g/t gold for a total of 3.2 million ounces of gold, and an inferred resource of 21.69 Mt at 3.9 g/t gold for a total of 2.7 million ounces of gold.
Following the transaction, Osisko Subco and Barolo Subco were amalgamated under the Business Corporations Act and Osisko exchanged its Osisko Subco shares for ODV Shares, which resulted in a reverse takeover of Osisko Development.
Effective upon closing of the reverse takeover, Sandeep Singh will become president and CEO of Osisko Gold Royalties, having joined the company as president in January 2020.