Osino Receives Multiple Project Finance Offers For the Development of the Twin Hills Gold Project, Namibia

Highlights

• Indicative term sheets received from eight European, African, and North American lenders with established track records in mining project finance.
• Preferred lenders are currently being shortlisted as the company moves towards final term sheet negotiations and subsequent credit approval process for the selected financing package.
• The project financing process is led by Terrafranca Capital Partners Ltd. and remains on schedule to meet the Company’s development timelines.
  
  

VANCOUVER, British Columbia, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Osino Resources Corp. (TSXV:OSI) (FSE:RSR1) (OTCQX:OSIIF) (“Osino” or “the Company”) is pleased to announce that it has it has received eight project finance offers from credible institutions for the construction financing of its wholly owned Twin Hills Gold Project (“Twin Hills” or “the Project”) in Namibia.

The receipt of indicative term sheets is an important milestone in the overall financing process and underlines the quality of Namibia as a premier lending jurisdiction and more specifically the financeability of Twin Hills. This process is taking place while working to meet our Project development timelines.

Heye Daun, Osino’s co-founder, President & CEO commented: “We are very pleased with the competitiveness of the process and resulting quality of project financing offers received from 8 reputable institutions with impressive track records of successful project financing. Choosing the appropriate financing partners is an important next step for Osino. We look forward to the appointment of our preferred debt financing provider and finalizing terms in the coming months as we continue to advance the development of Twin Hills.”

Project Finance Process

Osino aims to select its preferred financing partners in the next few months and to progress the project financing package in parallel with the delivery of the definitive feasibility study (“DFS”), which is on track to be delivered before the end of June 2023. Subject to the conclusion of all necessary approvals and permits, this would allow for an investment decision and commencement of early works during the second half of 2023.

Osino has appointed Terrafranca Capital Partners Ltd (“Terrafranca”) to advise on and progress the debt financing workstream (see announcement dated 1 Nov 2022). Terrafranca is a leading independent financial advisor with a strong track record of arranging financing for junior mining projects in Africa.