Osino Resources Corp. (TSXV:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF)
("
Osino” or the
“Company”) is
pleased to announce that it has completed a bookbuild in the amount
of CAD$2,770,745 in connection with an offering (the
“
Offering”) of common shares of the Company (the
“
Common Shares”) priced at CAD$1.00 per Common
Share for gross proceeds of up to US$3,000,000.
As previously announced, the Company had
completed a listing of its shares on the Namibian Stock Exchange
(the “NSX”) and was advised by Cirrus Capital
(Pty) Ltd. (“Cirrus Capital”) in connection with
such NSX listing. The bookbuild consisted of Namibian investors
increasing Namibian ownership, to comply with the mining permit
conditions. Cirrus Capital conducted the bookbuild and acts as
Namibian financial advisor to the Company and was engaged to act in
connection with the Offering.
Heye Daun, Osino’s Co-Founder, President
and CEO, commented: “We are very pleased to confirm our
first bookbuild in Namibia since listing Osino’s shares on the
Namibian Stock Exchange (NSX:OSN) in August of this year. This
financing is a purposeful and strategic capital raise that will
increase Osino’s Namibian shareholder base as required as a
condition to Osino’s granted Mining License. This bookbuild was
aimed primarily at formerly disadvantaged Namibian individual
shareholders, and we continue to engage with Namibian pension funds
with the aim of completing a follow-on financing to achieve a
Namibian ownership threshold well above the required 5% under our
issued mining license. The completion of this bookbuild
demonstrates Osino’s access to the Namibian capital markets as an
additional source of capital for project development at the Twin
Hills Gold Project.”
The bookbuild ensures that Namibians can
participate in the development of Osino and its mining operations,
retain economic benefits and assist in the growth and development
of the Namibia economy. It further reinforces Osino’s commitment to
its host nation, and the host nation’s reciprocal support towards
the Company.
The completion of the financing to purchasers
resident in Namibia will further establish the Namibian register
for the stock on the NSX and is expected to facilitate further
Namibian investment into Osino via the full fungibility with the
TSX Venture Exchange (“TSXV”), which remains the
Company’s principal exchange for trading of its shares. The
building of a local Namibian share register for a dual-listed
mining company is a first on the NSX, and illustrates the
increasing maturity and opportunity associated with Namibian
capital markets.
Rowland Brown, Co-Founder at Cirrus
Capital commented: “We are proud to have successfully
completed Osino’s inaugural bookbuild on the NSX. The financing
received strong support from Namibian retail and institutional
investors. We view Osino’s listing and bookbuild as a significant
milestone for the Company, the Namibian Stock Exchange and our host
nation, Namibia.”
In connection with the Offering, the Company
intends to file a prospectus supplement with the securities
commission in British Columbia (the “Canadian
Jurisdiction”) and has engaged Echelon Wealth Partners
Inc. ("Echelon") as agent and bookrunner (the
“Agent”) in connection therewith.
The Offering
The Offering will be completed (i) in Canada by
way of the prospectus supplement to the base shelf prospectus of
the Company dated May 9, 2023, to be filed in the Canadian
Jurisdiction; and (ii) outside Canada and the United States on a
basis which does not require the qualification or registration of
any of the Company’s securities under domestic or foreign
securities laws.
The Offering is expected to close on or about
October 19, 2023, or such other date as the Company and Echelon may
agree and is subject to customary closing conditions, including the
approval of the TSX Venture Exchange.
The Company intends to use the net proceeds of
the Offering for for exploration and development of its mineral
properties in Namibia, and for working capital and general
corporate purposes.
The prospectus supplement (the
“Prospectus Supplement”) of the Company expected
to be dated October 16, 2023 will be the prospectus supplement to
the base shelf prospectus (the “Shelf Prospectus”)
of the Company dated May 9, 2023.
The Shelf Prospectus is available, and the
Prospectus Supplement will be available, on SEDAR+ at
www.sedarplus.ca.
About Osino Resources
Osino is a Canadian gold exploration and
development company focused on the fast-tracked development of our
wholly owned, Twin Hills Gold Project in central Namibia. Since its
grassroots discovery by Osino in August 2019 the Company has
completed more than 225,000m of drilling and has completed a suite
of specialist technical studies culminating in the recently
published Twin Hills Definitive Feasibility Study
("DFS") dated effective June 12, 2023. The DFS
describes 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. The Company is actively
exploring a range of gold prospects and targets along the belt by
utilizing a portfolio approach geared towards discovery, targeting
gold mineralization that fits the broad orogenic gold model.
Our core projects are favourably located north
and north-west of Namibia's capital city Windhoek. By virtue of
their location, the projects benefit significantly from Namibia's
well-established infrastructure with paved highways, railway, power
and water in close proximity. Namibia is mining-friendly and lauded
as one of the continent's most politically and socially stable
jurisdictions. Osino continues to evaluate new ground with a view
to expanding our Namibian portfolio.
Further details are available on the Company's
website at https://osinoresources.com/ and under the Company's
profile on SEDAR+ at www.sedarplus.ca.
Qualified Person’s
Statement
David Underwood, BSc. (Hons) is Vice President
Exploration of Osino Resources Corp. and has reviewed and approved
the scientific and technical information in this news release and
is a registered Professional Natural Scientist with the South
African Council for Natural Scientific Professions (Pr. Sci. Nat.
No.400323/11) and a Qualified Person for the purposes of National
Instrument 43-101—Standards of Disclosure for Mineral Projects.
On Behalf of The Board of DirectorsHeye Daun,
President & CEO
CONTACT INFORMATIONOsino
Resources Corp.Yaron Conforti, Corporate
Developmentyconforti@osinoresources.com+1-604-687-2038
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding
Forward-Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the Offering, including the
timing, potential completion and use of proceeds from the Offering,
the Company's future plans or prospects of the Company, including
prospects for economic recoverability of mineral resources.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
statements are necessarily based upon a number of assumptions that,
while considered reasonable by management, are inherently subject
to business, market and economic risks, uncertainties and
contingencies that may cause actual results, performance or
achievements to be materially different from those expressed or
implied by forward-looking statements, including without
limitation, the ability of the Company to satisfy the conditions to
closing, including obtaining the approval of the TSX Venture
Exchange on a timely basis and that the Offering may not be
completed on the terms and timeline indicated. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Other factors
which could materially affect such forward-looking information are
described in the risk factors in the Company's most recent annual
management's discussion and analysis which is available on the
Company's profile on SEDAR+ at www.sedarplus.ca. The Company does
not undertake to update any forward- looking information, except in
accordance with applicable securities laws.
This news release does not constitute an
offer to sell or a solicitation of an offer to sell any of
securities in the United States. The securities have not been and
will not be registered under the U.S. Securities Act or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
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