Osino Resources Corp. (
TSXV:OSI)
(
FSE:RSR1) (
OTCQX:OSIIF)
("
Osino” or “
the Company”) is
pleased to announce that it has received $9,107,455 from the
exercise of 8,941,047 previously issued warrants. The funds
received will be used to continue to fast-track the development of
its flagship Twin Hills Gold Project, to progress other Namibian
exploration and project development initiatives as well as for
general working capital purposes.
Heye Daun, Osino’s President and
CEO commented: “I would
like to thank our shareholders for the continued support and
confidence in the Company’s ability to execute on its development
strategy. It’s been a challenging equity market and notwithstanding
the stock trading around warrant exercise price, an overwhelming
majority of this series of warrants were
exercised.”
The warrants were issued in conjunction with a
private placement financing completed in January 2020. The exercise
price of the warrants was $1.05 per warrant and were set to expire
on January 30, 2022.
The Company also announces that it has granted
150,000 stock options (the "Options") and 150,000
restricted share units (the "RSUs") to an eligible
participant of the Company, pursuant to its Stock Option Plan and
RSU Plan.
The Options have an exercise price of $1.15 per
common share and expire 5 years after the date of grant pursuant to
the terms of the Company's Stock Option Plan, which Options shall
vest 50,000 Options on March 30, 2022, 50,000 Options on March 30,
2023, and 50,000 Options on March 30, 2024. The 150,000 RSUs
granted under the Company's RSU Plan which vest, subject to
satisfactory KPI’s and KPA’s, 50,000 RSUs on March 30, 2022, 50,000
RSUs on December 30, 2022, and 50,000 RSUs on December 30,
2023.
The grant of Options and RSUs is a
cost-effective way to compensate officers, employees and
consultants of the Company while providing equity incentives to
more closely align their interests with the Company to maximize
shareholder value. The Options and RSUs are granted pursuant to
equity compensation plans approved by the shareholders of the
Company and the TSX Venture Exchange and are subject to the
policies of the TSX Venture Exchange.
About Osino Resources
Osino is a Canadian gold exploration and
development company focused on the development of our Twin Hills
gold discovery in central Namibia. The Twin Hills Gold Project is
at an advanced stage of exploration with various advanced
development studies underway with the aim of fast-tracking the
project.
Osino has a large ground position of
approximately 6,700km2 located within Namibia’s prospective Damara
sedimentary mineral belt, mostly in proximity to and along strike
of the producing Navachab and Otjikoto Gold Mines. The Company is
actively advancing a range of gold prospects and targets along the
belt by utilizing a portfolio approach geared towards discovery,
targeting gold mineralization that fits the broad orogenic gold
model.
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 our Namibian portfolio.
Further details are available on the Company's
website at https://osinoresources.com/
CONTACT INFORMATIONOsino
Resources Corp.Julia Becker: Investor Relations ManagerTel: +1
(604) 785 0850jbecker@osinoresources.com
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 use of proceeds from the
Company's recently completed financings, and the future plans or
prospects of the Company, including prospects for economic
recoverability of mineral resources. 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
statements are necessarily based upon a number of assumptions that,
while considered reasonable by management, are inherently subject
to business, market and economic risks, uncertainties and
contingencies that may cause actual results, performance or
achievements to be materially different from those expressed or
implied by forward-looking statements. 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 which is
available on SEDAR at www.sedar.com. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
The reader is cautioned that any reference to
mineral resources or geological technical information about Osino’s
mineral properties is based on, excerpted from and expressly
qualified by Osino’s current technical report (the “Technical
Report”) which was prepared in accordance with NI 43-101 entitled,
“Twin Hills Gold Project, Namibia, Preliminary Economic Assessment,
National Instrument 43-101 Technical Report” dated effective July
14, 2021 prepared for Osino Resources Corp. Accordingly, Osino
recommends that the reader refer to and read the Technical Report
in its entirety, a copy of which is available on SEDAR
at www.sedar.com under Osino’s issuer profile.
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.
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