Staff Reporter
WINDHOEK, Oct. 20 — Osino Resources Corp. (TSXV: OSI) (NSX: OSN) (FSE: RSR1) (OTCQX: OSIIF), known as “Osino,” made an announcement on October 19, 2023, confirming the successful completion of its previously disclosed offering (the “Offering”). The Offering involved the issuance of 2,770,745 common shares of the Company (referred to as “Common Shares”) at a price of CAD$1.00 per Common Share, resulting in gross proceeds of CAD$2,770,745.
The primary objective for the net proceeds raised through this Offering is to facilitate exploration and development efforts at the Twin Hills Gold Project in Namibia. Additionally, a portion of the funds will be allocated for working capital and general corporate purposes.
In the pursuit of this offering, Cirrus Capital (Pty) Ltd. (“Cirrus Capital”) served as the financial advisor in Namibia for Osino and played an integral role in the Offering. Their involvement was instrumental in increasing Namibian ownership in the Company, thereby aligning with mining permit requirements. Cirrus Capital received a compensation of $20,282 USD for their services related to the Offering.
As part of the Offering process, the Company submitted a prospectus supplement (the “Prospectus Supplement”) dated October 16, 2023, which supplements the Company’s short-form base shelf prospectus (the “Shelf Prospectus”) dated May 9, 2023. In tandem with this, an agency agreement was established on October 16, 2023, with Echelon Wealth Partners Inc. (“Echelon”), wherein Echelon received a corporate finance fee amounting to $100,000 USD.
For access to the Shelf Prospectus and Prospectus Supplement, interested parties can visit SEDAR+ at www.sedarplus.ca.
The Closing of the Offering: A Milestone for Osino
The successful completion of the Offering stands as a significant milestone for Osino. It injects the Company with the necessary financial resources essential for advancing the exploration and development of its flagship Twin Hills Gold Project in Namibia.
The Twin Hills Gold Project holds the distinction of being a high-grade, open-pit gold project, featuring a definitive feasibility study that reached fruition in June 2023. With a projected mine life of 13 years, it is expected to yield an average of over 169,000 ounces of gold annually, with an all-in-sustaining cost of US$670 per ounce.
The funds derived from the Offering will be earmarked for the following key activities at the Twin Hills Gold Project:
1. Further exploration drilling aimed at expanding the known mineral resource.
2. Engineering and design work related to the mine and processing plant.
3. Securing necessary permitting and environmental approvals.
4. Pre-construction preparations.
The Offering additionally bolsters Namibian ownership in Osino, a pivotal requirement for the Company to obtain a mining permit for the Twin Hills Gold Project.
In conclusion, the successful closure of the Offering is a positive development for Osino and its stakeholders. It effectively equips the Company with the financial means to advance the exploration and development of its flagship Twin Hills Gold Project in Namibia. Notably, this project boasts the attributes of a high-grade, open-pit gold venture, having undergone a definitive feasibility study in June 2023. It is poised to make a significant annual contribution of over 169,000 ounces of gold, with an all-in sustaining cost of US$670 per ounce over a 13-year mine life.
