Osino Resources Corp. (TSXV:OSI) (NSX:OSN) (FSE:RSR1) (OTCQX:OSIIF)
("
Osino” or the “
Company”) is
pleased to announce that it has closed its previously announced
offering (the “
Offering”) through the issuance of
2,770,745 common shares of the Company (the “
Common
Shares”) priced at CAD$1.00 per Common Share for gross
proceeds of CAD$2,770,745.
The Company intends to use the net proceeds of
the Offering for exploration and development of the Twin Hills Gold
Project in Namibia, and for working capital and general corporate
purposes.
Cirrus Capital (Pty) Ltd. (“Cirrus
Capital”) acts as Namibian financial advisor to the
Company and was engaged to act in connection with the Offering. The
capital raise by Cirrus Capital was conducted in Namibia,
increasing Namibian ownership in the Company, to comply with the
mining permit conditions. Cirrus Capital was paid a work fee of
$20,282 USD in connection with the Offering.
In connection with the Offering, the Company
filed a prospectus supplement (the “Prospectus
Supplement”) dated October 16, 2023 to the Company’s short
form base shelf prospectus (the “Shelf
Prospectus”) dated May 9, 2023 with the securities
commission in British Columbia and entered into an agency agreement
dated October 16, 2023 with Echelon Wealth Partners Inc.
(“Echelon”), pursuant to which Echelon received a
corporate finance fee of $100,000 USD.
The Shelf Prospectus and Prospectus Supplement
are available on SEDAR+ at www.sedarplus.ca.
About Osino Resources
Osino is a Canadian gold exploration and
development company focused on the fast-tracked development of our
wholly owned, Twin Hills Gold Project in central Namibia. Since its
grassroots discovery by Osino in August 2019 the Company has
completed more than 225,000m of drilling and has completed a suite
of specialist technical studies culminating in the recently
published Twin Hills Definitive Feasibility Study
("DFS") dated effective June 12, 2023. The DFS
describes a technically simple and economically robust open-pit
gold operation with a 13-year mine life and average annual gold
production of over 169,000oz per annum.
Osino has a commanding ground position of over
8,000km2 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
exploring a range of 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 favourably located north
and north-west of Namibia's 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/ and under the Company's
profile on SEDAR+ at www.sedarplus.ca.
Qualified Person’s
Statement
David Underwood, BSc. (Hons) is Vice President
Exploration of Osino Resources Corp. and has reviewed and approved
the scientific and technical information in this news release and
is a registered Professional Natural Scientist with the South
African Council for Natural Scientific Professions (Pr. Sci. Nat.
No.400323/11) and a Qualified Person for the purposes of National
Instrument 43-101—Standards of Disclosure for Mineral Projects.
On Behalf of The Board of DirectorsHeye Daun,
President & CEO
CONTACT INFORMATIONOsino
Resources Corp.Yaron Conforti, Corporate
Developmentyconforti@osinoresources.com+1-604-687-2038
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.
Cautionary Statement Regarding
Forward-Looking InformationThis press release contains
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information
includes, without limitation, statements regarding the Offering,
including the use of proceeds from the Offering, the Company's
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
prospectus supplement dated October 16, 2023, which is available on
the Company's profile on SEDAR+ at www.sedarplus.ca. The Company
does not undertake to update any forward- looking information,
except in accordance with applicable securities laws.This
news release does not constitute an offer to sell or a solicitation
of an offer to sell any of securities in the United States. The
securities have not been and will not be registered under the U.S.
Securities Act or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
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.
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 Offering, including the
timing, potential completion and use of proceeds from the Offering,
the Company's 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, including without
limitation, the ability of the Company to satisfy the conditions to
closing, including obtaining the approval of the TSX Venture
Exchange on a timely basis and that the Offering may not be
completed on the terms and timeline indicated. 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 the
Company's profile on SEDAR+ at www.sedarplus.ca. The Company does
not undertake to update any forward- looking information, except in
accordance with applicable securities laws.
This news release does not constitute an
offer to sell or a solicitation of an offer to sell any of
securities in the United States. The securities have not been and
will not be registered under the U.S. Securities Act or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
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