The Canadian Federation of Independent Business (CFIB) has said its Business Barometer came in at 46.3 for May versus 58.0 in April, BMO noted in its morning note Thursday.
It also noted the US dollar (USD) was firmer (BBDXY +0.19%), with the Canadian dollar (CAD or loonie) softer (CAD per USD +0.14%) while U.S. and Canadian equity futures were lower amid mixed but mostly lower global markets.
Osisko Development (ODV.V, ODV), was last seen down 15% in after-hours New York trading, after the company on Wednesday said it will raise US$275 million in an private-placement offering of convertible senior notes due 2031.The company did not specify the interest rates the notes will carry or the conversion price of shares.The company said it intends to grant the initial purchasers of the notes an option to purchase, during a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional US$25.0 million aggregate principal amount of notes.Double Zero Capital, LP, an affiliate of the company, indicated an interest in purchasing up to US$50.0 million aggregate principal amount of notes in a separate concurrent private placement under Section 4(a)(2) of the Securities Act. The affiliate notes are expected to be sold at the same price, and constitute part of the same series, as the notes.The company expects to use the offering proceeds and the sale of the affiliate notes to pay the cost of the capped call transactions with certain financial institutions, for development of the Cariboo Gold Project, and for general corporate purposes.Company's shares dropped US$0.44 at last look to US$2.50 after hours, after closing up C$0.13 at C$4.00 on TSX Venture Exchange on Wednesday.
Osisko Development Corp (ODV) said late Wednesday it plans to offer $225 million of convertible senior notes due 2031 in a private placement.The company said it intends to grant initial purchasers an option to purchase up to an additional $25.0 million of the notes.Double Zero Capital, an affiliate of Osisko, has indicated an interest in buying up to $50.0 million of the notes in a separate concurrent private placement, it said.The firm said net proceeds will be used among others for Cariboo Gold Project development and general corporate purposes.