Osino Resources Corp (Osino) on Friday successfully concluded its strategic Namibian financing after issuing 2,770,745 common shares at N$13.85 (CAD$1.00) per common share, resulting in N$38 million (CAD$2,770,745) gross proceeds, the company announced.
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 N$56.8 million (US$3 million).
“This financing is a purposeful and strategic capital raise that will increase Osino’s Namibian shareholder base as required as a condition to Osino’s granted mining licence,” Osino’s co-founder, President and Chief Executive Officer, Heye Daun, said then.
“This bookbuild was aimed primarily at formerly disadvantaged Namibian individual shareholders, and we 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.
“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).
Osino said this would allow further Namibian investment in Osino, through its full fungibility with the TSX Venture Exchange. TSX Venture Exchange remains Osino’s principal bourse.
“The building of a local Namibian share register for a dual-listed mining company is a first on the NSX and illustrates the increasing maturity and opportunity associated with Namibian capital markets,” the company said.
Cirrus Capital was Osino’s Namibian financial advisor and played a pivotal role in the miners’ compliance with the mining permit conditions.
“We are proud to have completed Osino’s inaugural bookbuild on the NSX. The financing received strong support from Namibian retail and institutional investors. We view Osino’s listing and bookbuild as a significant milestone for the company, the NSX and our host nation, Namibia,” Rowland Brown, co-founder at Cirrus Capital said.