VANCOUVER, British Columbia, July 15, 2019 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV: OSI) (RSR1.F) ("Osino” or “the Company”), is pleased to announce it has closed an over-subscribed, non-brokered private placement financing (the “Offering”) for total gross proceeds of CDN $3.588 million.
The Company has allotted and issued 10,252,143 units (each, a “Unit”) at a price of CDN $0.35 per Unit. Each Unit is comprised of one common share (a “Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN $0.55 per Share for a period of 24 months from the date of issuance.
In addition, the Company has paid finder’s fees in the amount of CDN $35,490 and issued 42,857 common shares. Canaccord Genuity Corporation acted as a financial advisor in connection with the Offering.
Heye Daun, Osino’s CEO and Co-Founder said “We appreciate the ongoing support from our cornerstone investors, especially Ross Beaty, RCF Opportunities Fund L.P. and Power One Capital Markets Limited, with whom we were able to conclude this oversubscribed financing in a tough junior mining market. We are excited about our ongoing Namibian drill program and look forward to updating the market with progress updates over the next few weeks.”
The Company intends to use the net proceeds of the Offering to fund expenditures at the Company’s exploration projects in Namibia and for general working capital purposes. All securities issued under the Offering are subject to a four-month and one-day hold period.
About Osino Resources
Osino Resources Corp. (OSI.V) (RSR1.F) is a Canadian gold exploration company, focused on the acquisition and development of gold projects in Namibia. Osino is targeting gold mineralization that fits the broad orogenic gold model. We are actively advancing a range of gold discoveries, prospects and targets across our 7,400km2 ground position by utilizing a portfolio approach geared towards discovery. Our 22 exclusive exploration licenses are located within Namibia’s prospective Damara mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines.
Osino’s focus in 2019 is on further advancing the Twin Hills and Goldkuppe discoveries within the developing Karibib Gold District, testing our Otjikoto East and Otjiwarongo targets and generating new ones on our remaining licenses. Our core projects are favorably located north-west of Namibia’s capital city Windhoek. By virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity.
Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable jurisdictions. Osino continues to evaluate new ground with a view to expanding its Namibian portfolio.
Further details are available on the Company's website at https://osinoresources.com/
Osino Resources Corp.
Heye Daun: CEO
Tel: +27 (21) 418 2525
Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
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