Canadian gold exploration and development company Osino Resources Corp has closed its previously announced offering through the issuance of 2,7 million common shares of the company, priced at CAD$1,00 per common share for gross proceeds of CAD$2,7 million.
According to a statement issued on Friday, 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.
Osino says Cirrus Capital (Pty) Ltd is the Namibian financial adviser of the company and was involved with the offering.
Cirrus Capital raised capital in Namibia, increasing Namibian ownership in the company to comply with mining permit conditions.
Cirrus Capital was paid a work fee of US$$20 282 for services rendered in connection with the offering.
Osino is focused on the fast-tracked development of its 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 Twin Hills Definitive Feasibility Study dated 12 June.
The study 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’s core projects are favourably located north and north-west of 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 has been lauded as one of the continent’s most politically and socially stable jurisdictions.
Osino says it continues to evaluate new ground with a view to expanding its Namibian portfolio.
– email: matthew@namibian.com.na
