/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, Jan. 14, 2020 /CNW/ - Osino Resources
Corp. (TSXV: OSI) (FSE: RSR1) ("Osino" or
the "Company"), is pleased to announce that, in
connection with its previously announced overnight marketed
offering, it has entered into an underwriting agreement with a
syndicate of underwriters led by Cormark Securities Inc., and
including M Partners Inc., Canaccord Genuity Corp., Beacon
Securities Limited and Haywood Securities Inc. (collectively, the
"Underwriters"), to sell 12,821,000 units of the Company
(the "Units") at a price of C$0.78 per Unit (the "Offering Price") for
aggregate gross proceeds of C$10,000,380 (the "Offering").
Each Unit will consist of one common share in the capital of the
Company (each a "Common Share") and one-half of one common
share purchase warrant (each whole warrant, a "Warrant").
Each Warrant shall entitle the holder to acquire an additional
Common Share at a price of C$1.05 for
a period of 24 months following the closing of the Offering.
Further, in the event that the Company's common share price closes
at C$1.09 following 9 months of the
closing of the Offering, for 5 consecutive trading days, the
Company may, within 15 days of the occurrence of such event,
deliver a notice to the holders of Warrants accelerating the expiry
date of the Warrants to the date that is 30 days following such
notice, and any unexercised Warrants after such period shall
automatically expire.
The Company has granted the Underwriters an option (the
"Over-Allotment Option") to purchase up to an additional 15%
of the Units of the Offering on the same terms exercisable at any
time up to 30 days following the closing of the Offering, for
market stabilization purposes and to cover over-allotments, if
any.
Closing of the Offering is expected to occur on or about
January 30, 2020 and is subject to
certain conditions, including regulatory approval, including that
of the TSX Venture Exchange.
The net proceeds of the Offering shall be used to fund
expenditures at the Company's exploration projects in Namibia and for general working capital
purposes.
The Units to be issued under the Offering will be offered by way
of a short form prospectus in each of each of the provinces of
Canada, other than Quebec, and may be offered in the United States on a private placement basis
pursuant to an exemption from the registration requirements of the
United States Securities Act of 1933, as amended, and
applicable state securities laws, and certain other jurisdictions
outside of Canada and the United States.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This press release
does not constitute an offer of securities for sale in the United States. The securities being
offered have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States absent registration under
U.S. federal and state securities laws or an applicable exemption
from such U.S. registration requirements.
About Osino Resources
Osino is a Canadian gold exploration company, focused on the
acquisition and development of gold projects in Namibia. Our 23 exclusive prospecting 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 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 6,577km2 ground position by
utilizing a portfolio approach geared towards discovery.
Osino's focus in 2020 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 and 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/
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary and Forward-Looking Statements
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 and completion 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 and annual information form that are
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.
SOURCE Osino Resources Corp.