Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our Twin Hills Gold Project (“Twin Hills”) in central Namibia
Osino acquires Minority stake in Twin Hills Gold Project. (Credit: Rolf Dobberstein from Pixabay)
Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) (“Osino” or “the Company”) is pleased to announce that, further to its news release dated August 16, 2022, the Company has completed acquisitions of two remaining minority interests in the mineral properties comprising the Twin Hills Gold Project (the “Acquisitions”).
Osino completed the acquisition of the remaining 10% of the shares in the capital of Osino Namibia Minerals Exploration (Proprietary) Limited (“ONME”) for aggregate consideration of C$870,000 paid by issuance of 1,000,000 common shares of the Company to Ominda Mineral Resources Close Corporation (“Ominda”), who is arm’s length to Osino (the “ONME Acquisition”). ONME was a 90% owned subsidiary of Osino and holds 8 EPL’s covering a total of 86,409 hectares, including an EPL which hosts the gold mineralization at the Clouds deposit, forming part of Osino’s overall Twin Hills gold mineral resource. As a result of the ONME Acquisition, Osino now owns 100% of ONME. The common shares of the Company issued under the ONME Acquisition are subject to a restriction from resale for a period of 24 months from the date of closing.
In addition, Osino also acquired 20% of the shares in Richwing Exploration (Pty) Ltd (“Richwing”) for aggregate consideration of C$137,931 (the “Richwing Acquisition”), paid through the issuance of 37,615 shares and a cash payment of C$96,552 to Richroad Investments Close Corporation (“Richroad”) and South Wing Investments Close Corporation (“Southwing”), who are arm’s length to Osino. Richwing was 80% owned by Osino and holds an EPL which hosts gold mineralization and industrial minerals south of the Twin Hills project area. Upon closing of the transaction Osino will own 100% of Richwing. As a result of the Richwing Acquisition, Osino now owns 100% of Richwing. The common shares of the Company issued under the Richwing Acquisition are subject to a restriction from resale for a period of 24 months from the date of closing.
All common shares of the Company issued under the Acquisitions are also subject to a statutory four month hold from the date of issuance. No finders fees were payable in respect of the Acquisitions.
Osino also expects to close an additional minority interest acquisition of 3% of the shares in the capital of Osino Gold Exploration and Mining (Proprietary) Limited (“Osino GEM”) as previously announced by the Company on August 16, 2022. Upon completion of this acquisition, Osino will own 100% of Osino GEM. The Company expects to complete the acquisition of Osino GEM within a few weeks, as the acquisition is subject to approval of the TSX Venture Exchange.
Additionally, Osino is pleased to report that it has filed a technical report entitled, “Twin Hills Gold Project, Namibia, NI 43-101 Technical Report” dated effective July 26, 2022 and signed September 9, 2022 (the “MRE Technical Report”) for its increased mineral resource announced in the Company’s news release dated August 9, 2022. The MRE Technical Report was prepared and filed in accordance with National Instrument 43-101—Standards of Disclosure for Mineral Projects (“NI 43-101”). The technical report pertaining to the Company’s latest pre-feasibility study, released on September 6, 2022 is expected to be filed in late September or early October.
For additional information, please refer to the MRE Technical Report available on the Osino website and filed on SEDAR under the Company’s profile at www.sedar.com which contains more comprehensive technical information, which was also summarized in the Company’s news release dated August 9, 2022.
Source: Company Press Release