Osino Resources (OSI.V) has now completed an oversubscribed private placement, raising C$3.588M by issuing 10.25 million units at C$0.35 per unit. Each unit consisted of one common share and a half warrant with each full warrant allowing the warrant holder to acquire an additional share at C$0.55 for a period of two years.
The net proceeds of this financing will obviously be used for the exploration activities in Namibia where Osino appears to be the only serious junior exploring for more gold. B2Gold is already active in the country after having purchased Auryx Gold for its Otjikoto project where after the previous Auryx team formed Osino to continue its mission of finding more gold in Namibia. The company’s focus will be on the Goldkuppe and Twin Hills zones this year, while another portion of the funds will be applied to generate new exploration targets.
Osino also reported on its shallow (percussion) drill program where it completed 142 holes for a total of just over 4,600 meters which successfully expanded the bedrock mineralization at Twin Hills to 3.6 kilometers after adding a third zone with a strike length of 1 kilometer just a little bit further west from the Twin Hills Central zone. On the central zone, Osino has pretty much completed a 6 hole, 1,200 meter diamond drill program, and assay results are expected shortly.
We met with CEO Heye Daun in Belgium a little while ago, and will have a closer look at the company shortly.