Osino gold miner backtracks on Canadian deal, opts for China’s Yintai
By Freeman Ya Ngulu.
China-based Yintai Gold announced that it hopes to acquire Canadian gold exploration company Osino Resources.
According to a statement announcing the offer from Yintai, Osino will terminate its December announcement of a transaction with Canadian minerals company, Dundee Precious Metals, and Yintai will also pay an additonal fee for termination of the previous agreement with the Canadian firm.
Osino Resources Chief Executive, Heye Daun, said in the statement, “Whilst we were grateful for 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.”
The agreement will also assist Osino in expediting the creation and fast-track the development of the wholly-owned Twin Hills gold project in central Namibia.
