Mr. Alnesh Mohan
reports
ROMULUS RESOURCES AND OSINO RESOURCES ANNOUNCE RECEIPT OF TSX-V
CONDITIONAL APPROVAL; EXPLORATION UPDATE; AND COMPLETION OF STRATEGIC
FINANCING LED BY RESOURCE CAPITAL FUNDS
Conditional approval for the proposed reverse takeover transaction between Romulus Resources Ltd. and Osino Resources Corp. has been granted by the TSX Venture Exchange. Romulus and Osino have also provided
an exploration update and closed a strategic financing led by Resource Capital Funds (RCF).
TSX-V conditional approval
The executive listing committee of the TSX-V has granted conditional
approval for the proposed reverse takeover between Romulus and Osino. Final acceptance of the reverse takeover and the listing of the
common shares in the capital of the resulting issuer are conditional upon completion of all remaining filing
requirements under Section 5.2 of TSX-V Policy 5.2, as well as a number of other conditions, as required by the
TSX-V.
A formal amalgamation agreement between Romulus and Osino will be executed and an information circular
prepared in connection with the reverse takeover will be mailed to the shareholders of Romulus shortly. The annual general
and special meeting of Romulus has been set for June 22, 2018, to approve, amongst others, the
amalgamation and completion of the reverse takeover.
Exploration at Karibib gold project
Osino has commenced drilling on the Karibib gold project's Twin Hills and Okapawe targets located
approximately 35 kilometres northeast of the Navachab gold mine. The initial drill program will be approximately 3,000
metres of reverse circulation and 400 metres of diamond drilling. At both target areas, extensive gold-in-soil
anomalism associated with quartz veining and alteration of host schist rocks has been identified. These are the first
drill holes to test targets along the recently discovered Khan River gold corridor. In addition to the drilling,
surface sampling has commenced on the 25 kilometres of untested extensions of the Khan River fault zone, along strike
and to the southwest of the Twin Hills target.
Osino financing
On April 20, 2018, Osino completed a financing at 8.8 cents per share for gross proceeds of $2,855,778.82. This is
equal to 48 cents per share after closing of the reverse takeover and represents a 25-per-cent premium to the previous financing.
The financing was led by Resource Capital Funds' RCF Opportunities Fund, which, combined with other holdings,
owns just below 9.9 per cent of Osino's issued and outstanding share capital, on a fully diluted basis. Resource Capital
Funds is a mining-focused private equity firm that partners with companies to build strong, successful and
sustainable businesses that strive to produce superior returns to all stakeholders. Beacon Securities Ltd. acted
as financial adviser to Osino in connection with Resource Capital Funds' investment.
In addition, a total of $895,894.59 has been raised from the exercise of warrants and finder warrants.
These shares will be included in the amalgamation and will be subject to the 5.4318 exchange ratio such that one
resulting issuer share will be issued in exchange for every 5.4318 shares held by Osino shareholders.
About Osino Resources Corp.
Osino is a private Canadian company focused on the acquisition and development of gold projects in Namibia.
Through subsidiaries, Osino's Namibian interests comprise 18 exclusive exploration licences located within
the central zone of Namibia's prospective Damara belt, mostly in proximity to and along strike of the producing
Navachab and Otjikoto gold mines. Osino is currently focusing its efforts on further developing its new Karibib
regional targets, advancing the Goldkuppe discovery and satellite targets, and defining new grassroots exploration
targets in the Otjikoto East area.
We seek Safe Harbor.
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