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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (177139)	2/26/2024 1:08:19 PM
From: LoneClone	Read Replies (1) of 192593

China's Yintai Gold to buy Canadian gold exploration firm Osino for $272 million ca.finance.yahoo.com Reuters Sun, February 25, 2024 at 3:13 p.m. PST·1 min read DPMLF +0.13% Feb 25 (Reuters) - 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)

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