Osino secures credit facility

Osino Resources has drawn US$5 million from non-dilutive Nebari credit facility for certain pre-development expenses in Namibia, including the purchase of advance detailed engineering and procurement for grid power and water.

At Osino’s election, the company can draw two additional tranches of US$5 million each, subject to conditions precedent, Canadian-listed gold explorer and mine developer today said in a statement.

The two additional tranches are a standby facility to potentially fund Osino’s Twin Hills predevelopment expenses towards an expected investment decision during 2023.

The Twin Hills Gold Project, located close to Karibib, is on track to create 750 new jobs in the region and has already brought N$224.6 million of foreign direct investment to the Namibian economy.

Commenting on the credit facility, Osino’s co-founder, president and CEO, Heye Daun, said: “Given the significance of the farmland purchases to secure and de-risk the Twin Hills mining project development, and considering the volatility in the equity markets, we decided to secure the required funding for these pre-development expenses in the most non-dilutive manner to shareholders.

“Osino has been in discussions with Nebari for a considerable amount of time, whilst we structured this transaction to ensure maximum flexibility for Osino, without adversely affecting the rapidly evolving and competitive project finance process.”