Osisko Gold Royalties (TSX, NYSE: OR ) announced Friday the launch of Osisko Development – a gold development company in North America, with the objective of becoming the next mid-tier gold producer.
Common shares of Osisko Development will begin trading on the TSX Venture Exchange on or about December 2, 2020, under the symbol “ODV”, the company said in a media release.
Osisko Royalties and Osisko Development completed their previously announced spin-out transaction, which resulted in Osisko Royalties transferring certain mining properties, including the Cariboo Gold Project to Osisko Development Holdings, following which Osisko Subco and Barolo Subco were amalgamated under the Business Corporations Act.
Upon the amalgamation, Osisko exchanged its Osisko Subco shares for ODV Shares, which resulted in a reverse take-over of Osisko Development.
Effective upon closing of the RTO, Sandeep Singh became the president and CEO of Osisko Royalties, the company said.