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The company said that Osisko's royalty will effectively replace certain existing royalties on the project, adding that proceeds from the investment will be used to advance permitting, a definitive feasibility study for the MOD and for general corporate and administrative expenses. "Given the current challenging equity market conditions, we believe this financing also delivers meaningful value to our existing investors, lowering overall dilution while providing us with a strong balance sheet to continue with the development of the project. In retaining the buyback rights, we have effectively monetized an asset of the company while adding only a minor incremental royalty burden to the company's assets overall.