Osino Resources provides update on Yintai transaction

Osino Resources provides an update on the expected conclusion of the regulatory process for the previously announced Yintai transaction in Namibia. Osino and the Namibian Competition Commission continue to engage in the ordinary course of the NCC’s merger review process as the NCC considers the application of the previously announced statutory plan of arrangement under the Business Corporations Act, pursuant to which Yintai Gold will acquire all of the outstanding common shares of Osino for cash consideration of C$1.90 for each Osino Share. After receiving the third of 3 Chinese regulatory approvals on May 28, 2024, competition law clearance from the NCC remains the only outstanding approval to conclude the Arrangement. In connection with that review, the NCC has recently sent additional clarifying questions to the Company and Yintai, which additional questions are part of the NCC’s ongoing analysis of the Arrangement. Pending conclusion of the NCC’s review, the NCC will make its recommendation to the NCC Board for a final decision on the transaction. It is expected that the transaction will be considered for determination at the next sitting of the NCC Board, which is anticipated to occur in late July or early August. The NCC’s final decision with respect to the Arrangement is thus expected by early August, or at the very latest by the end of the statutory review period, i.e. early September, 2024. The arrangement agreement dated February 23, 2024 between the Company and Yintai had specifically contemplated the possibility that the NCC approval would not be obtained by June 30, 2024 and provided for an ability for either party to extend the Outside Date in 30-day increments by up to 90 days. The Outside Date has been extended by mutual agreement of the parties from June 30, 2024 to July 30, 2024 as a result of the NCC’s timing update.