Vancouver-based Osino owns a portfolio of projects in Namibia, including the Karibib gold project located around 130 kilometres from the capital, Windhoek.
The upsized placement comes on the heels of the company’s May announcement to raise C$2 million to advance its projects.
The junior explorer said it plans to issue up to 10 million units at C$0.35 to raise gross proceeds of C$3.5 million to fund exploration on its 7,400-square kilometre Namibian asset base.
Osino recently kicked off a 14,000 metre drill program at the Karibib and Otjikoto East projects after identifying a number of new targets near a major producing gold mine.
Under the terms of the non-brokered private placement, each unit is comprised of one share and one-half of one share purchase warrant exercisable at C$0.55 for a two-year period following the issue date.
The offering is scheduled to close around July 8 and is subject to regulatory approval.
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