Osino Resources says it has received final approval from the Namibian Competition Commission (NaCC) for its acquisition by Shanjin International (formally Yintai Gold)
Under this arrangement, Shanjin will acquire all outstanding shares of Osino for N$13.04 (C$1.90) per share. This approval, obtained on August 16, 2024, is the last required step for the transaction. The closing of the arrangement is expected to take place on or before August 29, 2024.
“The approval of the NaCC was the final outstanding approval to conclude the Arrangement. The closing of the Arrangement will occur on or before August 29, 2024,” Osino has announced.
This comes as Shajin obtained the approval of the Ministry of Commerce of The Peoples Republic of China as well as the National Development and Reform Commission of the People’s Republic of China in April.
The deal has already secured overwhelming support from Osino shareholders with 99.9% voting in favour of the the purchase at the Company’s special meeting.
Shanjin has committed to an immediate cash infusion of N$193 million (US$10 million) for Osino’s operations along with full reimbursement of the termination fee paid to Dundee Precious Metals
Osino Precious Metals Corp is based in Canada and focuses on gold exploration and development primarily centered on its wholly-owned Twin Hills Gold Project in Central Namibia.
Shanjin International Gold Co Ltd, formerly Yintai Gold Co Ltd, is a China-based company principally engaged in the mining and selection of precious metals and non-ferrous metals and metal trading.
The Company’s businesses include geological exploration, mining and selection, investment and management of smelting.
