Osisko Development Corp. acquired 8,571,429 units of Niobay Metals Inc. at $0.14 per unit for $1.2 million in a private placement. Prior to the transaction, Osisko Development owned or controlled 7.4% of Niobay’s Common Shares on a basic basis. After the acquisition, Osisko Development owned or controlled 9.9% of the Common Shares on a basic basis and 13.8% on a partially diluted basis. An early warning report will be filed with Canadian securities authorities. Osisko Development acquired the securities for investment purposes. Osisko Development focuses on gold development projects in North America with the aim of becoming an intermediate gold producer.

Read more at GlobeNewswire: Osisko Development and Electric Elements File Early Warning