Osino shareholders vote for Chinese takeover

Chinese-owned company Yintai

The majority of Osino Resources’ shareholders have voted in support of Chinese-owned company Yintai taking over its assets.

The Canadian company has assets in Namibia.

Osino Resources president and chief executive Heye Daun in a statement says 99,93% of security holders voted in favour of the arrangement authorising that Yintai Gold Co Ltd acquires all of Osino’s outstanding common shares for a cash consideration of C$1,90 each.

Osino Resources is engaged in the exploration and development of the Twin Hills gold project in Namibia, which is scheduled to be in production within the next two years.

“The vote by Osino security holders in favour of the arrangement is an important step,” Daun says.

“We are now working to obtain approvals from regulatory authorities, namely the Namibian Competition Commission, 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.

“Once all regulatory and court approvals are obtained, we will be able to complete the arrangement,” he says.

Yintai has already obtained the approval of China’s ministry of commerce and had a final order hearing before the Supreme Court of British Columbia scheduled for yesterday.

Daun says the arrangement remains on track to close on or about the end of the first half of 2024, subject to the approval of the Supreme Court of British Columbia and the satisfaction of certain other closing conditions.

Osino is focused on the fast-tracked development of its wholly owned Twin Hills Gold Project in central Namibia, he says.

Since its grassroots discovery in August 2019, Osino has completed more than 250 000m of drilling, and has completed a suite of specialist technical studies culminating in the recently published ‘Twin Hills Definitive Feasibility Study’, dated 12 June 2023.

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 162 000 ounces.

Osino has a commanding ground position of over 8 000km2 located within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to the Navachab and Otjikoto gold mines.

Osino is also actively exploring a range of gold prospects and targets along the belt by utilising a portfolio approach geared towards discovery, targeting gold mineralisation that fits the broad orogenic gold model.

“Our projects are favourably located in central and northern Namibia, and are within easy reach of Namibia’s capital city, Windhoek.

“By virtue of its location, the Twin Hills project benefits significantly from Namibia’s well-established infrastructure, with paved highways, railways, power and water in close proximity.

“Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable jurisdictions,” Daun says.
– email: matthew@namibian.com.na

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