Osino and Shanjin (Formerly Yintai) Obtain Namibian Competition Approval and Confirm Closing Date in Connection With Shanjin Transaction
August 16 2024 - 11:00AM
Osino Resources Corp. (
TSX:OSI.V)
(
NSX:OSN) (
FSE:RSR1)
(
OTCQX:OSIIF) ("
Osino" or the
"
Company") is pleased to announce that, in
connection with the previously announced statutory plan of
arrangement under Business Corporations Act (British Columbia),
pursuant to which Shanjin International Gold Co., Ltd. (formerly
known as Yintai Gold Co., Ltd.) ("
Shanjin") will
acquire all of the outstanding common shares of Osino for cash
consideration of C$1.90 for each Osino Share (the
"
Arrangement"), all as more particularly described
in Osino's management proxy circular dated March 25, 2024 (the
"
Circular"), Osino and Shanjin have obtained the
approval of the Namibian Competition Commission
("
NCC").
The approval of the NCC was the final
outstanding approval to conclude the Arrangement. The closing of
the Arrangement will occur on or before August 29, 2024.
For further details regarding the payment of the
consideration on the closing of the Arrangement, please refer to
the heading “The Arrangement - Procedure to Receive the
Consideration for Osino Shares” on page 60 of the Circular. The
payment of the consideration to Osino securityholders following the
closing of the Arrangement will be processed in accordance with the
customary procedures of Computershare Investor Services Inc., the
depositary in connection with the Arrangement.
For a more detailed description of the
Arrangement, readers should review Osino's management proxy
circular dated March 25, 2024.
About Osino Resources Corp.
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, 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 ("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 162,000oz 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. Our projects are favorably
located in central and northern Namibia and are within easy reach
from 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, 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.
Qualified Person
David Underwood, BSc. (Hons) is Vice President
Exploration of Osino 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 NI 43-101 – Standards of
Disclosure for Mineral Projects.
Further details are available on Osino's website
at https://osinoresources.com and under Osino's profile on SEDAR+
at www.sedarplus.ca.
On behalf of the Board of DirectorsHeye
Daun, President and CEO
Contact InformationOsino
Resources Corp.Yaron ConfortiCorporate
Development+1-604-687-2038yconforti@osinoresources.com
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
release.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 and information with respect to statements
regarding the timing of completion of the Arrangement and the
payment of the consideration following the completion of the
Arrangement. 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 Osino 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 Osino's most recent annual management's discussion and
analysis which is available on Osino's profile on SEDAR+ at
www.sedarplus.com. Osino does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
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