- Osino Resources Corp.(OSI) has signed agreements to acquire the remaining minority interests in the mineral properties, which include the Twin Hills Gold Project
- The company signed an agreement with Somerschield Investments Close Corporation to acquire 3 per cent of the shares in the capital of Osino Gold Exploration and Mining (Proprietary) Limited for an aggregate value of C$1,870,000
- In addition, Osino signed an agreement with Ominda Mineral Resources Close Corporation to acquire 10 per cent of the shares in the capital of Osino Namibia Minerals Exploration (Proprietary) Limited (ONME) for an aggregate value of $870,000
- With these acquisitions, Osino will now own 100 per cent of ONME, and 100 per cent of Osino GEM
- Osino is a Canadian gold exploration and development company
- Osino Resources Corp. was up 1.389 per cent, trading at $0.73 at 10:04 AM ET
Osino Resources (OSI) has signed agreements to acquire the remaining minority interests in the mineral properties which include the Twin Hills Gold Project.
The company signed an agreement with Somerschield Investments Close Corporation to acquire 3 per cent of the shares in the capital of Osino Gold Exploration and Mining (Proprietary) Limited for a total value of C$1,870,000, payable by issuing 1,700,000 common shares of Osino Resources.
Osino GEM is a 97-per-cent-owned subsidiary of Osino Resources and holds three Namibian exclusive prospecting licences covering a total of 24,171 hectares.
This includes an EPL which holds most of the Bulge and Twin Hills Central mineralization, forming part of Osino’s overall Twin Hills gold mineral resource.
Osino also signed an agreement with Ominda Mineral Resources Close Corporation to acquire 10 per cent of the shares in the capital of Osino Namibia Minerals Exploration (Proprietary) Limited (ONME) for $870,000 payable by issuing 1,000,000 common shares of the company.
ONME is a 90-per-cent-owned subsidiary of Osino and holds eight EPLs covering a total of 86,409 hectares, including an EPL which hosts the gold mineralization at the Clouds deposit, forming part of Osino’s overall Twin Hills gold mineral resource.
With these acquisitions, Osino will now owe 100 per cent of ONME and 100 per cent of Osino GEM.
“The acquisition of these minority interests, by way of stock priced at a premium to market, eliminates the inconsistent subsidiary ownership structure and results in Osino’s effective ownership in the Twin Hills Gold Project increasing to 100 per cent,” noted Heye Daun, Osino’s President & CEO.
“We are very pleased to have been able to agree on this transaction with the minority owners, who have been long-standing supporters and shareholders of Osino,” he added.
Osino also signed an agreement with Richroad Investments Close Corporation and South Wing Investments Close Corporation, who are arm’s length to Osino, to acquire 20 per cent of the shares in Richwing Exploration (Pty) Ltd for $137,931, payable by issuing 37,617 shares and a cash payment of $96,552 to Richroad and Southwing.
Richwing is 80-per-cent-owned by Osino and holds an EPL which hosts gold mineralization and industrial minerals south of the Twin Hills project area. Upon closing the transaction, Osino will own 100 per cent of Richwing.
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our Twin Hills Gold Project in central Namibia.
Osino Resources Corp. was up 1.389 per cent, trading at $0.73 at 10:04 AM ET.
