- Osino Resources (OSI) has agreed to acquire the Ondundu gold exploration property from B2Gold Corp.
- The Ondundu Gold Project is located in Namibia
- Osino has agreed to purchase all of the shares of Razorback Gold Mining Company for a total of US$15,200,000
- Osino is a Canadian gold exploration and development company
- Osino Resources Corp. (OSI) opened trading at C$1.13 per share
Osino Resources (OSI) has entered into an agreement to acquire the Ondundu gold exploration property from B2Gold Corp.
The Ondundu Gold Project is located 250 Km northwest of Windhoek in north-central Namibia.
Heye Daun, Osino’s President & CEO commented on the transaction.
“We believe this is a highly accretive transaction for Osino which provides significant additional scale, diversification and consolidation of Osino’s Namibian projects. We plan to build on the excellent exploration and resource development work which B2Gold completed over the last 6 years and to quickly advance the project to compliant resource stage. Based on the Project’s historical exploration and analysis, we believe the Ondundu Gold Project has the type of mineralization with potential to host a significant open-pit gold resource possibly in the order of more than 1moz of contained gold with the possibility for co-development with Osino’s Twin Hills Gold Project. The consideration payable is partially deferred and upon close will result in B2Gold becoming a strategic shareholder of Osino. We are very pleased that B2Gold has agreed to the part-equity structure of the transaction and appreciate B2Gold’s implicit vote of confidence in Osino’s ability to take Ondundu to the next level.”
Osino has agreed to purchase all of the issued and outstanding shares of the Namibian company, Razorback Gold Mining Company for a total of US$15,200,000. Razorback owns the Ondundu Gold Project.
A payment of US$3,850,000 will be released and paid to B2Gold on the closing of the purchase. Five million dollars in common shares of Osino will be issued to B2Gold on closing. A further payment of US$3,850,000 will be made to B2Gold on the first business day after the six-month anniversary of the closing. A final payment of US$2,500,000 will be paid to B2Gold upon the completion of a feasibility study and first production or sale of ores, minerals or mineral products from the license area.
Osino is a Canadian gold exploration and development company focused on the development of its Twin Hills gold discovery in central Namibia.
Osino Resources Corp. (OSI) opened trading at C$1.13 per share.
