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Osino raises N$56m from majority local investors towards Twin Hills construction

by editor
October 13, 2023
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Osino Resources Corp. (Osino) has successfully completed a strategic bookbuild to raise N$38 million from Namibian investors for gross proceeds of up to US$3 million.

The raise, which primarily targeted formerly disadvantaged Namibian individual shareholders, is part of the company’s efforts to expand its Namibian shareholder base as required for its mining licence.

“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 license,” Osino’s Co-Founder, President, and CEO, Heye Daun, said.

“This bookbuild was aimed primarily at formerly disadvantaged Namibian individual shareholders, and we continue to engage with Namibian pension funds with the aim of completing a follow-on financing to achieve a Namibian ownership threshold well above the required 5% under our issued mining license.

“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 will further establish the Namibian register for stocks on the Namibian Stock Exchange (NSX).

Osino said this will allow further Namibian investment in Osino via its full fungibility with the TSX Venture Exchange, which remains the company’s principal exchange for trading of its shares.

“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 acted as Osino’s Namibian financial advisor and played a pivotal role in complying with the mining permit conditions.

“We are proud to have successfully 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.

Osino enlisted Echelon Wealth Partners Inc. as an agent and bookrunner in connection with the offering, which is set to close around 19 October 2023, subject to customary closing conditions and the approval of the TSX Venture Exchange. 

Osino is a Canadian gold exploration and development company with a primary focus on the Twin Hills Gold Project in central Namibia. 

The company, which has rapidly advanced the project since its discovery in August 2019, recently published a Twin Hills Definitive Feasibility Study, describing a robust open-pit gold operation with a 13-year mine life.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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