Osino acquires minority interests in Namibia gold project

Osino Resources has completed acquisitions of two remaining minority interests in the mineral properties comprising the Twin Hills gold project, in Namibia. 
Osino completed the acquisition of the remaining 10% of the shares in the capital of Osino Namibia Minerals Exploration (ONME) for aggregate consideration of C$870,000 paid by the issuance of 1 million common shares of the company to Ominda Mineral, which is an arm's length to Osino. 
ONME was a 90% owned subsidiary of Osino and holds 8 exclusive prospecting licences (EPLs) covering a total of 86,409 hectares, including an EPL which hosts the gold mineralisation at the Clouds deposit, forming part of Osino’s overall Twin Hills gold mineral resource. 
As a result of the ONME Acquisition, Osino now owns 100% of ONME. 
The common shares of the Company issued under the ONME Acquisition are subject to a restriction from resale for 24 months from the date of closing.
Osino will also acquire 20% of the shares in Richwing Exploration for aggregate consideration of C$137,931, paid through the issuance of 37,615 shares and a cash payment of C$96,552 to Richroad Investments and South Wing Investments, which is an arm's length to Osino. 
Richwing was 80% owned by Osino and holds an EPL which hosts gold mineralization and industrial minerals south of the Twin Hills project area. 
Upon closing of the transaction, Osino will own 100% of Richwing.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished