Osino Resources Corp. (TSX-V:OSI) (FSE:RSR1) (OTCQX:OSIIF) is pleased to announce that it has closed its previously announced non-brokered private placement of 14,752,500 common shares for gross proceeds of CDN$11,802,000 at a price of CAD$0.80 per share, effective December 7, 2022.
In connection with the Offering commissions on the sale of the common shares were paid to eligible finders in accordance with the policies of the TSX Venture Exchange and applicable securities laws. In particular, the Company paid an aggregate of C$262,780 in cash commissions to the Finders. The securities issued under this Offering are subject to a statutory hold period of four months and one day from the date of closing. No new insiders or control persons were created as a result of the Offering.
The Company intends to use the net proceeds of the Offering to fund exploration and project development expenditures at the Company’s Twin Hills gold project and other exploration projects in Namibia ahead of commencement of construction, and for general working capital purposes.
Osino recently released a pre-feasibility study for Twin Hills dated effective September 6, 2022 filing under the Company’s SEDAR profile, which is based on 2.15 Moz in reserves, outlining a 13-year open-pit mine life with an average annual gold production rate of 169koz per annum at all-in sustaining costs of US$930/oz in the 10 years of operation.
David Underwood, BSc. (Hons) is Vice President Exploration of Osino Resources Corp. and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of National Instrument 43-101.
About Osino Resources
Osino is a Canadian gold exploration and development company focused on the fast-tracked advancement of our wholly owned Twin Hills Gold Project in central Namibia. Since its grassroots discovery by Osino in August 2019, the Company has completed more than 220,000m of drilling and advanced technical studies on the Project. Osino recently released a pre-feasibility study for Twin Hills based on 2.15 Moz in reserves, outlining a 13-year open-pit mine life with an average annual gold production rate of 169koz per annum at all-in sustaining costs of US$930/oz in the 10 years of operation. The PFS is entitled, “Amended and Restated Pre-Feasibility Study of the Twin Hills Gold Project, Namibia, National Instrument 43-101 Technical Report” dated effective September 6, 2022 and is available to the public under the Company’s SEDAR profile at www.sedar.com.
Osino has a commanding ground position of approximately 8,000km2 located within Namibia’s prospective Damara sedimentary mineral belt. The Company is 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. Our core projects are favorably located north and north-west of Namibia’s capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and grid water in close proximity. Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
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