Osino Resources Announces Private Placement
VANCOUVER, May 21, 2019 - Osino Resources Corp. (TSXV: OSI) (FSE: RSR1) ("Osino” or the “Company”) is pleased to announce its intention to complete a non-brokered private placement (the "Offering") for gross proceeds of up to CDN$2,000,000 at a price of CDN$0.35 per Unit. Subject to finalization of definitive legal documents, certain existing shareholders, including Ross Beaty and RCF Opportunities Fund L.P., intend to participate in the Offering to maintain their current pro rata ownership in the Company.
The Offering of up to 5,714,286 Units, will consist of one common share in the capital of the Company (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.
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. In connection with the Offering, Osino may pay finders’ fees to eligible finders in accordance with the rules and policies of the Exchange and applicable securities legislation.
The securities issued under this Offering will be subject to a statutory hold period of four months and one day from the date of closing. Closing of the Offering remains subject to receipt of all regulatory approvals, including the approval of the Exchange, and is anticipated to occur on or before May 31, 2019.
About Osino Resources
Osino Resources Corp. (TSXV: OSI) is a Canadian gold exploration company, focused on the acquisition and development of gold projects in Namibia. Osino’s Namibian interests comprise 22 exclusive exploration licenses located within Namibia’s prospective Damara belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. Osino is currently focusing its efforts on developing the Karibib Gold Project and defining new exploration targets in the Otjikoto East area and on our other licenses. The Karibib Gold Project is located approximately 130 km north-west of Namibia’s capital city Windhoek. By virtue of its 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/.
CONTACT INFORMATION
Osino Resources Corp.
Heye Daun: CEO
Tel: +27 (21) 418 2525
hdaun@osinoresources.com
Julia Becker: Investor Relations Manager
Tel: +1 (604) 785 0850
jbecker@osinoresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the timing of the Offering, the use of proceeds from the Offering, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Osino Resources Corp., as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.