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Canada-based gold exploration company Osino Resources Corp (Osino) successfully concluded its strategic Namibian financing after issuing 2,770,745 common shares at CAD1.00 per common share, resulting in CAD2,770,745 gross proceeds.
Canada-based gold exploration company Osino Resources Corp (Osino) successfully concluded its strategic Namibian financing after issuing 2,770,745 common shares at CAD1.00 per common share, resulting in CAD2,770,745 gross proceeds. The company plans to allocate the net proceeds from this offering to support the exploration and development of the Twin Hills Gold Project in Namibia, provide working capital, and cover general corporate purposes.
Last week, the company announced the successful completion of a strategic bookbuild, raising N$38 million from Namibian investors to achieve gross proceeds of up to USD 3 million. This financing is a purposeful and strategic capital raise that will increase Osino’s Namibian shareholder base as required as a condition of Osino’s granted mining licence.
This bookbuild was aimed primarily at formerly disadvantaged Namibian individual shareholders, and Osino continue to engage with Namibian pension funds to complete a follow-on financing to achieve a Namibian ownership threshold well above the required 5% under our issued mining licence , stated Osino’s co-founder, President and Chief Executive Officer, Heye Daun
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The completion of this bookbuild demonstrates Osino’s access to the Namibian capital markets as an additional source of capital for project development at the Twin Hills Gold Project. The bookbuild ensures that Namibians can participate in the development of Osino and its mining operations, retain economic benefits, and assist in the growth and development of the Namibian economy. It further reinforces Osino’s commitment to its host nation and the host nation’s reciprocal support towards the company.
The gold exploration company said the completion of the financing would further establish the Namibian register for stocks on the Namibian Stock Exchange (NSX).
