- Osino Resources Corp. (OSI) has signed an agreement with Nebari for a credit facility of up to US$15 million
- The credit facility provides for an initial draw of $5 million, with the potential of two additional draws of $5 million each, at the election of Osino, and subject to conditions precedent
- The credit facility has a maturity date which is two years from the initial draw of the first tranche
- Osino Resources 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
- Osino Resources Corp. was up 8.75 per cent, trading at C$0.87at 2:11 PM ET
Osino Resources Corp. (OSI) has signed an agreement with Nebari for a credit facility of up to US$15 million.
Osino signed the agreement with Nebari Gold Fund 1 and Nebari Natural Resources Credit Fund I, with Nebari Gold Fund 1 as a collateral agent and certain Osino subsidiaries as guarantors.
The credit facility provides for an initial draw of $5 million, with the potential of two additional draws of $5 million each, at the election of Osino, and subject to conditions precedent.
In connection with the credit facility, Nebari is entitled to receive approximately 26.7 per cent warrant coverage of common share purchase warrants.
“Given the significance of the farmland purchases to secure and de-risk the Twin Hills mining project development, and considering the volatility in the equity markets, we decided to secure the required funding for these pre-development expenses in the most non-dilutive manner to shareholders,” stated Heye Daun, Osino’s co-founder, President & CEO.
“We are extremely excited to partner with Osino as they advance the Twin Hills project; and we are impressed with the experience and professionalism of the Osino team and have the utmost confidence in their ability to continue to unlock value at Twin Hills and beyond,” noted Andre Krol, Managing Partner with Nebari.
The credit facility has a maturity date which is two years from the initial draw of the first tranche, and is expected to be repaid from the proceeds of the project finance facilities expected to be arranged for Twin Hills in 2023.
Nebari is a United States-based manager of privately-offered pooled investment vehicles, including Nebari Gold Fund 1, LP and Nebari Natural Resources Credit Fund 1, LP, which are funding the loan to Osino.
Osino Resources 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.
Osino Resources Corp. was up 8.75 per cent, trading at C$0.87at 2:11 PM ET.
