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Osino Announces Strategic $5.5 Million Private Placement From Key Shareholders

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Osino Announces Strategic $5.5 Million Private Placement From Key Shareholders

 

 

 

 

 

Osino Resources Corp. (TSX-V:OSI) (FSE:RSR1) (OTCQB:OSIIF) is pleased to announce that it has arranged a non-brokered private placement offering led by current shareholder Pat DiCapo and the PowerOne Capital Group and including Ross Beaty and management to raise gross proceeds of up to $5,500,000 through the sale of up to 5,000,000 units of the Company at a price of $1.10 per Unit. Each Unit will consist of one common share and one-half of one common share purchase warrant, and each such whole warrant will entitle the holder to purchase one additional Share for a period of 22 months from closing of the Private Placement at a price of $1.35 per Share.

 

Heye Daun, Osino’s President and CEO commented: “Pat DiCapo and PowerOne Capital have been strong supporters of Osino’s principals for over 10 years. Having been instrumental in the advancement and sale of our prior Namibian project, Otjikoto, to B2 Gold in 2011, and as a co-founding shareholder of Osino since 2016, we are delighted about this vote of confidence and together look forward to delivering the next chapter in Osino’s growth story.”

 

The Company intends to use the net proceeds of the Private Placement for exploration and development of the Company’s Twin Hills gold project in central Namibia, comprising drilling, assaying, technical studies, surface right acquisition and for working capital and general corporate purposes. The Company may pay a finder’s fee in connection with the Private Placement to eligible finders, in accordance with the policies of the TSX Venture Exchange and applicable securities laws, consisting of: (i) a cash commission of up to 6% of the gross proceeds of the Private Placement; and (ii) a number of common share purchase warrants equal to up to 6% of the number of Units sold pursuant to the Private Placement. Each Finder’s Warrant will entitle the holder thereof to acquire one Share at a price of $1.10 per Share for a period of 22 months from the date of Closing.

 

The Private Placement is subject to approval of the TSX Venture Exchange, and all Units and securities of the Company issued pursuant to the Private Placement will be subject to a four month hold period from the Closing. The Private Placement will not result in the creation of a new control person of the Company.

 

About Osino Resources

 

Osino is a Canadian gold exploration and development company focused on the advancement of the Twin Hills gold project in central Namibia. Twin Hills was discovered by Osino in 2019 and is currently in the growth and de-risking phase whilst being fast-tracked to production.

 

Osino also 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 other 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 in central and northern Namibia within easy driving distance from the 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.

 

Posted October 14, 2021

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