(3 Minutes Read)
Osino Resources Corp. will delist from the Namibian Stock Exchange (NSX) after the finalization of its acquisition by Chinese mining giant, Yintai Gold. Heye Daun, the Osino Resources CEO, explained that the decision to delist from the NSX is primarily driven by the complexities of maintaining multiple listings.
The company will no longer be listed on the NSX due to reporting complications for shareholders. Despite the delisting plans, Daun hinted at potential future opportunities for both local and international investors. The company will delist, but the Osino management team will lobby Yintai to consider relisting Yintai itself at some point in the future. There are significant regulatory hurdles to achieving this. The final decision will lie with Yintai, he said. Osino was listed on the NSX in August 2023.
Regarding local participation, Daun noted that the company’s current local ownership is just below 4%, falling short of the mandated 5%. Plans for increasing local participation are in place but cannot yet be publicly disclosed.
The Osino deal is pending regulatory approvals from the Namibian Competition Commission and the State Administration of Foreign Exchange of China. Earlier this month, Osino secured final approval from the Supreme Court of British Columbia for its plan of arrangement with Yintai Gold Co. Ltd, valued at N$5.3 billion in cash, with unanimous support from Osino shareholders. Under the approved arrangement, Yintai will acquire all outstanding common shares of Osino for C$1.90 per share. Concurrently, Yintai has obtained approval from the National Development and Reform Commission of China (NDRC), aiming to close the deal by the end of the first half of 2024.
Once these approvals are secured, the company will proceed to finalize the arrangement, reflecting Osino’s commitment to navigating the necessary processes for the successful completion of the deal with Yintai Gold Co. Ltd.Osino, founded in Namibia in 2016, was listed on the TSX in 2018. Despite its primary listing in Canada due to funding constraints, the company was established by Namibians, with all assets held in Namibia.
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Osino’s flagship project, the Twin Hills Gold Project, is set to commence construction by mid-2024 and covers 11 exclusive prospecting licenses (EPLs) across 153,206 hectares in Namibia’s Erongo Region. The Twin Hills Gold Project is expected to surpass Otjikoto in size and become Namibia’s next major gold mine.
