Canadian gold exploration and development company Osino Resources has completed a bookbuild, raising C$2.77-million.
“We are very pleased to confirm our first bookbuild in Namibia since listing Osino’s shares on the Namibian Stock Exchange in August of this year. 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.
"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 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,” says Osino co-founder, president and CEO Heye Daun.
The company adds that 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 Namibia economy.
A definitive feasibility study, published in June 2023, demonstrates the potential to build an "economically robust" openpit gold mine with a 13-year mine life and average production of 169 000 oz/y of gold.