The Namibian Competition Commission is expected to decide in the coming weeks the approval of the takeover of local gold mining company, Osino Resources Corporation by Yintai Gold Co. The deal is worth US$272 million.
Earlier, Osino Resources Corporation announced that the company’s special meeting saw an overwhelming majority of security holders vote in favour of the takeover.
Osino said the shareholders authorised the deal that will see the Yintai Gold Co acquire all of the outstanding common shares of Osino for cash consideration of 1.90 Canadian dollars for each Osino share.
“The vote of Osino security holders in favor of the arrangement is an important step” said Heye Daun, President and CEO of Osino.
“We are now working to obtain approvals from regulatory authorities, namely the Namibian Competition Commission, the National Development and Reform Commission of the People’s Republic of China and the State Administration of Foreign Exchange of the People’s Republic of China. Once all regulatory and court approvals are obtained, we will be able to complete the arrangement,” said Daun.
Yintai has obtained the approval of the Ministry of Commerce of the People’s Republic of China. The company has a final order hearing scheduled before the Supreme Court of British Columbia in Canada. The arrangement remains on track to close on or about the end of the first half 2024, subject to approval by the Supreme Court of British Columbia and satisfaction of certain other closing conditions.
Osino is a Canadian gold exploration and development company has been focused on the fast-tracked development of the wholly owned, Twin Hills Gold Project in central Namibia.
Since its grassroots discovery by Osino in August 2019, Osino has completed more than 250 000m of drilling and has completed a suite of specialist technical studies culminating in the recently published the Twin Hills Definitive Feasibility Study. The DFS described a technically simple and economically robust open-pit gold operation with a 13- year mine life and average annual gold production of over 162 000 ounces per annum.
Osino has a commanding ground position within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines.
Osino has been 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.
The Twin Hills project benefits significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity.
