CHAMWE KAIRA
Osino Resources has announced that it will delist from the Namibia Stock Exchange. The company told shareholders that further to the transaction finalization notice distributed to shareholders on 19 August, notice was being given hereby given that the trading of the Osino Resources Corp shares will be suspended on 26 August 2024 and delisted from the Namibian Stock Exchange on 30 August.
Osino has already announced that Shanjin International Gold Co., Ltd. (formerly known as Yintai Gold Co., Ltd will acquire all of the outstanding common shares of Osino for cash consideration of C$1.90 for each Osino Share.
The approval of the Namibian Competition Commission was the final outstanding approval to conclude the arrangement.
Osino said the for cash consideration of C$1.90 (N$25.94) for each Osino Common Share, valuing Osino at approximately C$368 million (N$4,8 billion). At closing of the Yintai Arrangement, Osino’s portfolio will consist only of gold related assets located in Namibia, primarily the Twin Hills Gold Project in central Namibia as well as exploration projects Ondundu and Eureka.
Heye Daun, President and CEO of Osino has said Yintai is experienced, well-financed, and has a highly credible track record of gold mining in China, with the technical skills and financial resources to progress the project through construction and into production. We look forward to working with Yintai to continue to fast-track the development of the project and close this transaction.”
Xingong Ou, President of Yintai, has said Twin Hills represents a unique opportunity to add a high-quality gold development asset to its portfolio in a stable and mining friendly jurisdiction. He said the project provides the foundation for its future production profile with production targeted for 2026, as well as significant exploration upside.
“We are excited to leverage the excellent work done by the Osino team in discovering and progressing Twin Hills to this point and we look forward to working with the existing Osino team to grow their Namibian activities and to implement the construction of the project. We are impressed with the responsible mining approach which the Osino team has built, and we intend to continue and to grow that approach,” he said.
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of its 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 Twin Hills Definitive Feasibility Study (DFS). 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 162 000 ounces per annum.
