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Osino Resources to raise $2 million to advance exploration assets in Namibia

Major shareholder Ross Beaty will participate in the current placement in order to retain his 20% ownership in the junior explorer
karibib project
The company's flagship project is the Karibib gold project in Namibia

Osino Resources Corp (CVE:OSI) announced Tuesday that it is planning to raise up to C$2 million to advance its Namibian projects.

The junior exploration company is offering up to 5.7 million shares at a price of C$0.35 per share. Each units consists of one common share and one warrant, which can be used to acquire one share at an exercise price of C$0.55 for 24 months from the date of issuance.

READ: Osino Resources defines new, large-scale gold target at Karibib project

Vancouver-based Osino said in a statement that existing shareholders, including mining giant Ross Beaty and private equity firm RCF Opportunities Fund Ltd, intend to participate in the offering to maintain their current pro rata ownership of the company.

Pan American Silver CEO Ross Beaty currently owns 11.2 million Osino shares, representing 20% ownership of the company.

Osino Resources owns a portfolio of projects in Namibia, including the Karibib gold project located around 130 kilometres from the capital, Windhoek.

Shares of Osino were trading at C$0.37 in Toronto and at US$0.29 on OTC markets.

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