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Osino Announces Proceeds of $9 Million from Warrant Exercise

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Osino Announces Proceeds of $9 Million from Warrant Exercise

 

 

 

 

 

Osino Resources Corp. (TSX-V:OSI) (FSE:RSR1) (OTCQX:OSIIF) is pleased to announce that it has received $9,107,455 from the exercise of 8,941,047 previously issued warrants. The funds received will be used to continue to fast-track the development of its flagship Twin Hills Gold Project, to progress other Namibian exploration and project development initiatives as well as for general working capital purposes.

 

Heye Daun, Osino’s President and CEO commentedI would like to thank our shareholders for the continued support and confidence in the Company’s ability to execute on its development strategy. It’s been a challenging equity market and notwithstanding the stock trading around warrant exercise price, an overwhelming majority of this series of warrants were exercised.”

 

The warrants were issued in conjunction with a private placement financing completed in January 2020. The exercise price of the warrants was $1.05 per warrant and were set to expire on January 30, 2022.

 

The Company also announces that it has granted 150,000 stock options and 150,000 restricted share units to an eligible participant of the Company, pursuant to its Stock Option Plan and RSU Plan.

 

The Options have an exercise price of $1.15 per common share and expire 5 years after the date of grant pursuant to the terms of the Company’s Stock Option Plan, which Options shall vest 50,000 Options on March 30, 2022, 50,000 Options on March 30, 2023, and 50,000 Options on March 30, 2024. The 150,000 RSUs granted under the Company’s RSU Plan which vest, subject to satisfactory KPI’s and KPA’s, 50,000 RSUs on March 30, 2022, 50,000 RSUs on December 30, 2022, and 50,000 RSUs on December 30, 2023.

 

The grant of Options and RSUs is a cost-effective way to compensate officers, employees and consultants of the Company while providing equity incentives to more closely align their interests with the Company to maximize shareholder value. The Options and RSUs are granted pursuant to equity compensation plans approved by the shareholders of the Company and the TSX Venture Exchange and are subject to the policies of the TSX Venture Exchange.

 

About Osino Resources

 

Osino is a Canadian gold exploration and development company focused on the development of our Twin Hills gold discovery in central Namibia. The Twin Hills Gold Project is at an advanced stage of exploration with various advanced development studies underway with the aim of fast-tracking the project.

 

Osino has a large ground position of approximately 6,700km2 located within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. The Company is actively advancing 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 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.

 

Posted February 8, 2022

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