Osino in N$14.6m acquisition of minority interests in Namibia project

September 25, 2022

Osino Resources has completed the acquisition of two remaining minority interests in the mineral properties comprising the Twin Hills gold project, in Namibia for a total consideration of N$14.6 million.

Osino completed the acquisition of the remaining 10% of the shares in the capital of Osino Namibia Minerals Exploration (ONME) for N$11.5 million (C$870 000), settled through the issuance of one-million common shares of the company to Ominda Mineral Resources, which is arm’s length to Osino.

ONME was a 90%-owned subsidiary of Osino and holds eight exclusive prospecting licences (EPLs), covering 86 409 ha, including an EPL which hosts the gold mineralisation at the Clouds deposit, forming part of Osino’s overall Twin Hills gold mineral resource.

As a result, Osino now owns 100% of ONME.

Further, Osino also acquired 20% of the shares in Richwing Exploration for N$1.8 million (C$137 931), settled through the issuance of 37 615 Osino shares and N$1.3 billion (C$96 552) in cash to Richroad Investments and South Wing Investments, which are arm’s length to Osino.

Richwing was 80% owned by Osino and holds an EPL which hosts gold mineralisation and industrial minerals south of the Twin Hills project area.

Osino now owns 100% of Richwing.

Osino also expects to close an additional minority interest acquisition of 3% of the shares in the capital of Osino Gold Exploration and Mining (GEM) as previously announced in August.

Upon completion of this acquisition, Osino will own 100% of Osino GEM.

It expects to complete the acquisition of Osino GEM within a few weeks, as the acquisition is subject to approval by the TSX Venture Exchange.



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Last modified on Thursday, 29 September 2022 04:48

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