The majority of TSX- and NYSE-listed Osino Resources Corporation’s shareholders have voted in favour of Chinese miner Yintai Gold’s buyout of Osino at a cash consideration of C$1.90 apiece.
The companies are now working to obtain approvals from regulatory authorities in Namibia and China.
Osino expects the C$368-million, or $272.3-million, deal to close by the end of June and for Osino’s shares to delist shortly after.
Osino, based in Canada, is focused on the Twin Hills gold project in Namibia, which is being developed as an openpit mine that will operate for 13 years, producing 162 000 oz/y of gold.
Osino deemed Yintai’s offer superior to that of Dundee Previous Metals, which also tried to acquire it.
Yintai is an experienced and well-financed gold mining company, with the necessary technical skills and financial resources to progress Twin Hills through to construction and production, Osino says.