VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — Osino Resources Corp. OSI (FWB:RSR1) OSIIF (“Osino” or “the enterprise“) is pleased to announce that, following its news release dated August 16, 2022, the Company has completed the acquisition of two remaining minority interests in the mineral properties comprising the Twin Hills Gold Project (the “acquisitions“).
Osino completed the acquisition of the remaining 10% interest in the capital of Osino Namibia Minerals Exploration (Proprietary) Limited (“ONME“) for aggregate consideration of $870,000 paid by issuing 1,000,000 common shares of the Company to Ominda Mineral Resources Close Corporation (“Ominda“), the Osino (the “ONME acquisition“). ONME was a 90% owned subsidiary of Osino and holds 8 EPLs totaling 86,409 hectares, including one EPL hosting the gold mineralization at the Clouds Deposit and forming part of Osino’s overall Twin Hills Gold Mineral Resource. As a result Following the ONME Acquisition, Osino now owns 100% of ONME. The Company’s common stock issued pursuant to the ONME Acquisition will be subject to a resale restriction for a period of 24 months from the date of closing.
In addition, Osino also acquired a 20% interest in Richwing Exploration (Pty) Ltd (“Richwing“) for aggregate consideration of C$137,931 (the “Richwing acquisition“), paid by the issuance of 37,615 shares and a cash payment of C$96,552 to Richroad Investments Close Corporation (“Richroad“) and South Wing Investments Close Corporation (“south wing“), who are on distant ties with Osino. Richwing was 80% owned by Osino and owns an EPL hosting gold mineralization and industrial minerals south of the Twin Hills project area. Upon completion of the transaction, Osino will own 100% of Richwing. As a result Following the Richwing acquisition, Osino now owns 100% of Richwing.The Company’s common stock issued pursuant to the Richwing acquisition is subject to a resale restriction of a…
