Osisko Development Corp. (NYSE:ODV) is one of the best Canadian gold stocks to buy according to hedge funds. On July 21, the company announced that it had secured a $450 million project loan facility from Appian Capital Advisory. The funds will be used to facilitate the development and construction of the Cariboo Gold Project in central British Columbia, Canada.Osisko Development (ODV) Secures $450 Million Financing for Cariboo Gold Project

Photo by Gold-bar-jingming-pan on Unsplash

The financing facility is structured in two parts. $100 million was drawn on the day of the announcement, and subsequent draws will be done in four tranches, totaling $350 million. The initial sum will be used for a 13,000-meter infill drilling campaign to improve mine planning, pre-construction and construction activities for Cariboo, repayment of an existing $25 million term loan with National Bank of Canada (maturing in October 2025), and as general working capital for the project. The subsequent draws will be available over the next 36 months, contingent on the achievement of project milestones and meeting customary conditions.

Cariboo Gold is a permitted project, with required environmental and mining permits in place as of late 2024. Osisko owns 100% rights to the project.

Osisko Development Corp. (NYSE:ODV) is a Canadian gold development company. It explores, develops, and operates high-grade gold projects, with its flagship Cariboo Gold Project located in British Columbia. The Cariboo site spans a historic district and is designed for underground mining and ore sorting, targeting sustainable and scalable production. Osisko’s main product is gold bullion, derived from ongoing drilling and feasibility-stage development activities.

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Disclosure: None. This article is originally published at Insider Monkey.

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