China��s Yintai Gold to buy Canadian gold explorer Osino for $272 million

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2024-02-26 09:42:42

Mining.com

Twin Hills gold discovery in Namibia. Credit: Osino Resources.

China-based Yintai Gold on Sunday said it will acquire Canadian gold exploration firm Osino Resources in an all cash deal for C$368 million ($272.53 million).

Osino will end its C$287 million deal with Canadian gold miner Dundee Precious Metals, which was announced in December, and Yintai also will pay a $10 million termination fee for the deal, according to the statement.

“Whilst we were appreciative of the previous offer from DPM, the all-cash offer from Yintai represents a significant premium to the DPM offer price, thus is clearly a superior proposal, and is an excellent outcome for Osino’s shareholders,” Osino CEO Heye Daun said in a statement.

The deal also will help Osino fast-track development of the wholly owned Twin Hills gold project in central Namibia.

The deal offers cash consideration of C$1.90 for each Osino common share and was approved by the Osino board special committee, which recommended it to shareholders, the statement added.

($1 = 1.3503 Canadian dollars)

(By Urvi Dugar; Editing by Bill Berkrot)

Original Text: https://www.mining.com/web/chinas-yintai-gold-to-buy-canadian-gold-explorer-osino-for-272-million/
Reuters | February 25, 2024 | 4:25 pm Markets Canada China Gold