China-based Yintai Gold on Sunday said it will acquire Canadian gold exploration firm Osino Resources in an all cash deal for C$368-million.
Osino will end its C$287-million deal with Canadian gold miner Dundee Precious Metals, which was announced in December, and Yintai also will pay a $10-million termination fee for the deal, according to the statement.
"Whilst we were appreciative of the previous offer from DPM, the all-cash offer from Yintai represents a significant premium to the DPM offer price, thus is clearly a superior proposal, and is an excellent outcome for Osino's shareholders," Osino CEO Heye Daun said in a statement.
The deal also will help Osino fast-track development of the wholly owned Twin Hills Gold Project in central Namibia.
The deal offers cash consideration of C$1.90 for each Osino common share and was approved by the Osino board Special Committee, which recommended it to shareholders, the statement added.