Osino Resources has announced that it has completed the initial tranche of its previously announced non-brokered private placement of common shares of the company to Dundee Precious Metals Inc.
The company issued 4,424,779 Common Shares to DPM at a price of C$1.13 per common share for aggregate gross proceeds to the company of C$5,000,000.27.
The initial tranche of the offering was completed in connection with the arrangement agreement dated 17 December, between Osino and DPM whereby DPM will acquireall of the issued and outstanding common shares of Osino pursuant to a court-approved plan of arrangement.
After giving effect to the initial tranche of the Offering, DPM holds an aggregate of 8,235,379 common shares, representing approximately 4.9% of the common shares issued and outstanding on the date hereof, on a non-diluted basis.
The net proceeds of the offering will be used for project activities, including engineering, drilling and other corporate purposes in accordance with Osino’s budget, as agreed with DPM pursuant to the arrangement agreement.
Osino is a Canadian gold exploration and development company that was focused on the fast-tracked development of the Twin Hills Gold Project in central Namibia. The project has been described as a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 169,000oz per annum.
Osino has a commanding ground position of over 8 000km2 located within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines.
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