Osino Resources Corp (CSE:OSI) has raised C$14 million gross after closing an oversubscribed overnight offering, of which net proceeds will be used on its exploration projects in Namibia and for general working capital.
In all, over 17.9 million units were sold, including the full exercise of the over-allotment option of around 1.92 million units, at C$0.78 each, the gold explorer said in a stock market statement.
One of the Osino's key shareholders, RCF Opportunities Fund subscribed for over 3.2 million units and it now owns 10.33% of the share capital.
"We are very proud to close this significantly oversubscribed overnight offering of Units and we are grateful for the support of both new and existing key investors," said Heye Daun, CEO at Osino.
"These funds will enable us to accelerate our exploration and development plans especially at the exciting and rapidly evolving Twin Hills gold discovery within the developing Karibib Gold District, where we plan to carry out an intensive, multi-phase drill program in 2020 and continuing into 2021.
"In addition, Osino will continue to advance the additional gold discoveries, prospects and targets which have been defined on the remainder of our 6,577km2 ground position so far.
"We expect that 2020 will be a transformational year for Osino, aided significantly by having secured this financial backing to deliver on our plans well into 2021."
Each unit consisted of one company share and one-half of a share purchase warrant.
Each warrant entitles the holder to acquire a further share for C$1.05 for 24 months following closing.
Osino's 23 exclusive prospecting licenses lie within Namibia’s prospective Damara mineral belt, mostly close to and along strike from the producing Navachab and Otjikoto gold mines.
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