Osino Resources Corp. is pleased to announce that it has increased the size of the private placement announced in a news release dated October 13, 2021 due to investor demand. Osino now plans to issue up to an additional 4,545,455 units (“Units”) on the same terms as the Private Placement. Accordingly, the Private Placement will consist of up to a total of up to 9,454,455 Units at a price of $1.10 per Unit for aggregate gross proceeds of up to $10,500,000.50.
Each Unit will consist of one common share (a “Share”) and one-half of one common share purchase warrant, and each such whole warrant will entitle the holder to purchase one additional Share for a period of 22 months from the closing of the Private Placement (the “Closing”) at a price of $1.35 per Share.
The Company intends to use the net proceeds of the Private Placement for exploration and development of the Company’s Twin Hills gold project in central Namibia, comprising drilling, assaying, technical studies, surface right acquisition and for working capital and general corporate purposes.
The Company may pay a finder’s fee in connection with the Private Placement to eligible finders, in accordance with the policies of the TSX Venture Exchange and applicable securities laws, consisting of (i) a cash commission of up to 6% of the gross proceeds of the Private Placement; and (ii) a number of common share purchase warrants equal to up to 6% of the number of Units sold pursuant to the Private Placement. Each Finder’s Warrant will entitle the holder thereof to acquire one Share at a price of $1.10 per share for a period of 22 months from the date of Closing.
The Private Placement is subject to the approval of the TSX Venture Exchange, and all Units and securities of the Company issued pursuant to the Private Placement will be subject to a four-month hold period from the Closing. The Private Placement will not result in the creation of a new control person of the Company.
