Osino Announces Strategic $5.5 Million Private Placement From Key Shareholders
VANCOUVER, British Columbia, Oct. 13, 2021 (GLOBE NEWSWIRE) — Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQB:OSIIF) (“Osino” or “the Company”) 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 (the “Private Placement“) 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 (“Units“) of the Company at a price of $1.10 per Unit. Each Unit will consist of one common share (a “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 (the “Closing“) 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 (the “Finder’s 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.
Osino continues to evaluate new ground with a view to expanding our Namibian portfolio.
Further details are available on the Company’s website at https://osinoresources.com/
CONTACT INFORMATION
Osino Resources Corp.
Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
[email protected]
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company’s recently completed financings, and the future plans or prospects of the Company, including prospects for economic recoverability of mineral resources. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company’s most recent annual management’s discussion and analysis which is available on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
