/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION
IN CANADA ONLY AND IS NOT INTENDED
FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
All monetary amounts are expressed in Canadian
Dollars, unless otherwise indicated.
VANCOUVER, BC, June 22, 2020 /CNW/ - Osino Resources Corp.
(TSXV: OSI) (FSE:RSR1) ("Osino" or the "Company") is pleased to
announce that it has entered into an agreement with a syndicate of
underwriters led by Stifel GMP (the "Underwriters"), pursuant to
which the Underwriters will purchase, on a bought deal basis,
14,000,000 units (the "Units") of the Company at a price of
C$1.10 per Unit (the "Offering
Price") for aggregate gross proceeds to the Company of C$15,400,000 (the "Offering").
Each Unit will consist of one common share (a "Common Share")
and one-half of one common share purchase warrant (each whole
common share purchase warrant, a "Warrant") of the Company. Each
Warrant will be exercisable to acquire one common share of the
Company for a period of 12 months following the closing date of the
Offering at an exercise price of C$1.50 per common share, subject to adjustment in
certain events.
The Company has agreed to grant the Underwriters an
over-allotment option to purchase up to an additional 2,100,000
Units at the Offering Price, exercisable in whole or in part, at
any time and from time to time on or prior to the date that is 30
days following the closing of the Offering to cover
over-allotments, if any, and for market stabilization purposes. If
this option is exercised in full, an additional C$2,310,000 in gross proceeds will be raised
pursuant to the Offering and the aggregate gross proceeds of the
Offering will be C$17,710,000.
The Company plans to use the net proceeds from the Offering to
fund exploration expenditures at the Company's exploration projects
in Namibia as well as for working
capital and general corporate purposes.
The Units will be offered by way of a short form prospectus to
be filed in all provinces of Canada, except Québec. The Units will also be
sold to U.S. buyers on a private placement basis pursuant to an
exemption from the registration requirements in Rule 144A of the
United States Securities Act of 1933, as amended, and other
jurisdictions outside of Canada
provided that no prospectus filing or comparable obligation
arises.
The Offering is scheduled to close on or about July 14, 2020 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture
Exchange and the securities regulatory authorities.
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 state in which such offer, solicitation or
sale would be unlawful. The securities being offered have not been,
nor will they be, registered under the United States Securities Act
of 1933, as amended (the "1933 Act") and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements of the 1933 Act, as amended, and application state
securities laws.
About Osino Resources Corp.
Osino is a Canadian gold exploration company, focused on the
acquisition and development of gold projects in Namibia. Having achieved our initial vision of
finding Namibia's next significant
gold deposit, we are now focused on rapidly advancing the exciting
Twin Hills gold discovery and to make new discoveries elsewhere
along the belt. This we will achieve with Osino's winning formula
of combining innovation & drive with technical experience &
strong financial backing.
Our portfolio of exclusive exploration licenses is 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. 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 the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
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 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.