Yintai to Acquire Osino in an All-Cash Transaction for C$368 million - Seite 2

As referenced in its press release on February 19, 2024, Osino received a binding proposal from Yintai to acquire all of the issued and outstanding Osino Common Shares and notified DPM that this offer constituted a "Superior Proposal" in accordance with the terms of the DPM Arrangement Agreement. DPM notified Osino that it will not propose to amend the terms of the DPM Arrangement Agreement in light of the Yintai proposal and, as a result, Osino terminated the DPM Arrangement Agreement in accordance with its terms and entered into the Yintai Arrangement Agreement.

Based on the closing price of the DPM common shares on the Toronto Stock Exchange as of February 16, 2024, the Superior Proposal represents a premium of approximately 32% to the implied value of the consideration offered pursuant to the DPM Arrangement Agreement and approximately 68% premium to the unaffected share price of the last trading day prior to announcement of the DPM Arrangement Agreement.

Yintai has also provided Osino with a loan comprising of approximately (i) US$10 million facility provided concurrently with the execution of the arrangement agreement to enable the continued, fast-tracked development of the Twin Hills gold project and to fund other liquidity needs of Osino and (ii) an amount equal to the termination fee paid by Osino following the termination of the DPM Arrangement Agreement (the “Yintai Facility”).

Heye Daun, President and CEO of Osino, stated:
“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. Yintai is experienced, well-financed, and has a highly credible track record of gold mining in China, with the technical skills and financial resources to progress the project through construction and into production. We look forward to working with Yintai to continue to fast-track the development of the project and close this transaction.”

Xingong Ou, President of Yintai, stated:
“Twin Hills represents a unique opportunity to add a high-quality gold development asset to our portfolio in a stable and mining friendly jurisdiction. The project provides the foundation for our future production profile with production targeted for 2026, as well as significant exploration upside. We are excited to leverage the excellent work done by the Osino team in discovering and progressing Twin Hills to this point and we look forward to working with the existing Osino team to grow their Namibian activities and to implement the construction of the project. We are impressed with the responsible mining approach which the Osino team has built, and we intend to continue and to grow that approach.”