OSIIF - Osino Announces Strategic Namibian Financing | Benzinga
VANCOUVER, British Columbia, Oct. 12, 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 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 ...