OSIIF - Osino Announces Closing of Strategic Namibian Financing | Benzinga
VANCOUVER, British Columbia, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF) ("Osino" or the "Company") is pleased to announce that it has closed its previously announced offering (the "Offering") through the issuance of 2,770,745 common shares of the Company (the "Common Shares") priced at CAD$1.00 per Common Share for gross proceeds of CAD$2,770,745.
The Company intends to use the net proceeds of the Offering for exploration and development of the Twin Hills Gold Project in Namibia, and for working capital and general corporate purposes.
Cirrus Capital (Pty) Ltd. ("Cirrus Capital") acts as Namibian financial advisor to the Company and was engaged to act in connection with the Offering. The capital raise by Cirrus Capital was conducted in Namibia, increasing Namibian ownership in the Company, to comply with the mining permit conditions. Cirrus Capital was paid a work fee of $20,282 USD in connection with the Offering.
In connection with the Offering, the Company filed a prospectus supplement (the "Prospectus Supplement") dated October 16, 2023 to the Company's short form base shelf prospectus (the "Shelf Prospectus") dated May 9, 2023 with the securities commission in British Columbia and entered into an agency agreement dated October 16, 2023 with Echelon Wealth Partners Inc. ("Echelon"), pursuant to which Echelon received a corporate finance fee of $100,000 USD.
The Shelf Prospectus and Prospectus Supplement are 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 ...