Osino Resources has acquired the remaining minority interests in three of its subsidiary companies holding the Namibian mineral licenses underlying the Twin Hills Gold Project and part of the Karibib exploration area, respectively.
The Canada-based firm this week signed an agreement with Somerschield Investments Close Corporation to acquire 3% of the shares in the capital of Osino Gold Exploration and Mining (Proprietary) Limited (Osino GEM) for an aggregate value of N$24 million payable through the issuance of 1,700,000 common shares of the Company.
Osino GEM is a 97% owned subsidiary of Osino and holds 3 Namibian exclusive prospecting licenses covering a total of 24,171 hectares, including an EPL which holds most of the Bulge and Twin Hills Central mineralization, forming part of Osino’s overall Twin Hills gold mineral resource.
“The acquisition of these minority interests, by way of stock priced at a premium to market, eliminates the inconsistent subsidiary ownership structure and results in Osino’s effective ownership in the Twin Hills Gold Project increasing to 100%. We are very pleased to have been able to agree on this transaction with the minority owners, who have been long-standing supporters and shareholders of Osino,” the company’s President & CEO Heye Daun said.
“The selling parties have hereby agreed to restructure their ownership from the Namibian minority level to the Canadian public company level, aligning all shareholders’ interests. They have also agreed to remain locked-in for up to 2 years which is testament to their commitment to Osino,” he added.
Also acquired was Ominda Mineral Resources Close Corporation’s 10% interest in Osino Namibia Minerals Exploration for an (ONME) aggregate value of N$11.2 million payable through the issuance of 1,000,000 common shares of the company.
ONME is a 90% owned subsidiary of Osino and holds 8 EPL’s covering a total of 86,409 hectares, including an EPL which hosts the gold mineralization at the Clouds deposit, forming part of Osino’s overall Twin Hills gold mineral resource.
In addition, Osino acquired Richroad Investments Close Corporation and South Wing Investments Close Corporation’s 20% shareholding N$1.8 million, payable through the issuance of 37,617 shares and a cash payment of N$1,24 million to Richroad and Southwing.
Richwing is 80% owned by Osino and holds an EPL which hosts gold mineralization and industrial minerals south of the Twin Hills project area.
Osino is a Canadian gold exploration and development company focused on the development of the Twin Hills Gold Project in central Namibia and recently completed the acquisition of Ondundu gold exploration property in Namibia from B2Gold for a total consideration of N$257.3 million settled through shares in lieu of cash.
