Martin Endjala
Osino Resources has announced that Shanjin International Gold Co. Ltd. (formerly Yintai Gold) will acquire all outstanding common shares of Osino for C$1.90 per share (N$24.77), totalling C$368 million (N$4.8 Billion)
The Canadian mining company made the announcement last week.
Heye Daun, President and CEO of Osino, confirmed that both Osino and Shanjin have secured approval from the Namibia Competition Commission (NaCC) for the transaction.
“The approval of the NaCC was the final outstanding approval to conclude the arrangement,” he said.
The closing of the arrangement is set to occur on or before 29 August.
The payment of the consideration to Osino security holders following the closing of the arrangement will be processed in accordance with the customary procedures of Computershare Investor Services Inc., the depositary in connection with the arrangement.
In April this year, 99.9% of the company shareholders, during a special meeting, voted in favour of the deal.
The approval compliments Yintai’s N$5.3 billion cash acquisition of Osino.
According to reports, Yintai has a market cap of N$108 billion (U$5.6 billion).
As part of the agreement, Shanjin provided Osino with N$193 million for its operations and working capital requirements.
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of its wholly owned Twin Hills Gold Project in central Namibia since its grassroots discovery by Osino in August 2019.
Osino has completed more than 250 000 m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study dated 12 June 2023.
The study describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and an average annual gold production of over 162 ounces per year.
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 the strike of the producing Navachab and Otjikoto Gold Mines.
