Osino Closes Acquisition of Minority Interests, Files Technical Report for Twin Hills Gold Project, Namibia
Osino is pleased to announce, further to its news on August 16, 2022, that the company has finished the purchase of the two remaining minority interests in the mineral properties comprising the Twin Hills Gold Project.
Osino completed its acquisition of the 10% of shares remaining in the Osino Namibia Minerals Exploration (Proprietary) Limited’s capital.
It was purchased at a total consideration of C$870,000 and paid by the issuance of 1,000,000 common shares of the Osino company to Ominda Mineral Resources.
Osino Namibia Minerals Exploration (ONME) was a 90 percent-owned subsidiary of Osino. It holds 8 EPL which cover a total of 86,409 hectares, inclusive of an EPL that provides the gold mineralization at the Clouds deposit, which forms a part of Osino’s general Twin Hills gold mineral resource.
Due to the acquisition of ONME, Osino now owns 100% of ONME. The company’s common shares issued under ONMEAcquisition are restricted from resale for 24 months from the closing date.
In addition, Osino also obtained 20% of the shares in Richwing Exploration Ltd. For a total consideration of C$137,931 paid via cash payment of C$96,552 and issuance of 37,615 shares to South Wing Investments Close Corporation and Richroad Investment Close Corporation, who are arm’s length the Osino.
Osino owned 80% of Richwing. It holds an EPL that hosts gold mineralization and industrial minerals south of the Twin Hills project area.
From the acquisition of Richwing, 100% of Richwing is now owned by Osino. The company’s common shares issued under the Richwing acquisition are restricted from resale for 24 months from the closing date. All the common shares are also subjected to a 4-month hold from the date of issuance.
Also, Osino expects to close another acquisition of a minority interest of 3% of shares in Osino Gold Exploration and Mining (Proprietary) Limited’s Capital.
As previously announced on August 16 by the company, Osino will own 100% of Osino GEM after completing this acquisition.
The company looks to complete the Osino GEM acquisition within a few weeks. The acquisition is subject to the TSX Venture Exchange approval.