Chinese firm completes acquisition of Osino

Chinese company Shanjin has completed the acquisition of all of the outstanding common shares of Canadian gold exploration company Osino resources.

This follows an agreement between Osino Resources and Shanjin (formerly known as Yintai) for the latter to acquire all outstanding Osino common shares in a deal valued at around C$368 million (about N$5 billion), or C$1,90 per share and the approval of the regulatory authorities under whose jurisdictions the two companies operate.

These are the Namibian Competition Commission (NaCC), the National Development and Reform Commission of the People’s Republic of China and the state administration of foreign exchange of the People’s Republic of China and the Supreme Court of British Columbia, Canada.

NaCC was the last of the regulating authorities to approve the takeover last week.

According to a statement issued by Osino president and chief executive Heye Daun on Friday, this will result in Shanjin owning Osino’s gold assets in Namibia, including the Twin Hills Gold Project.

Daun said Shanjin intends to apply for Osino to delist the Osino shares from the Toronto Stock Exchange Venture Exchange and for Osino to cease being a reporting issuer as soon as possible.

Osino is also expected to delist from the Namibia Stock Exchange, on which the company was registered in August 2023.

Prior to entering into an agreement with Shanjin, Osino terminated its arrangement agreement with Dundee Precious Metals dated 17 December 2023, as it deemed Shanjin had offered a “superior proposal”.

– email: matthew@namibian.com.na