Osisko Development gains on $450 million loan agreement for Cariboo Gold Project

U.S.-listed shares of Canada's Osisko Development ODV.N rise 4.1% to $2.54 premarket

Company says it has entered into a credit agreement with funds advised by Appian Capital Advisory totaling $450 million for the development and construction of its Cariboo Gold Project in Canada's British Columbia province

ODV adds the initial draw of $100 million will be used to accelerate pre-construction activities and materially de-risk the project

The remaining $350 million will be available on a final investment decision subject to certain customary project milestones and conditions precedent for a period up to 36 months - ODV says

As of last close, ODV shares up 49.69% YTD