Hainan Shengwei Trading Co., Ltd. made a proposal to acquire Osino Resources Corp. from Dundee Precious Metals Inc. and others for approximately CAD 320 million.
The transaction is subject to certain buyer-specific regulatory closing conditions. After consultation with its financial and legal advisors, and on the unanimous recommendation of the special committee of independent directors (the ?Special Committee?), the Osino Board unanimously determined that the Transaction is fair to Osino shareholders and is in the best interests of Osino and approved the Yintai Arrangement Agreement. Accordingly, the Osino Board and the Special Committee recommend that Osino shareholders vote in favout of the transaction. As of February 25, 2024, the board of Shandong Gold Mining Co., Ltd has unanimously approved the transaction. On March 26, 2024, Osino has received a favourable interim order in respect of the arrangement by the Supreme Court of British Columbia. The merger approval application under the Namibian Competition Act has been filed with the Namibian Competition Commission. Yintai has submitted fillings with the National Development and Reform Commission of the People?s Republic of China and Ministry of Commerce of the People?s Republic of China in connection with the required Chinese regulatory approvals with respect to the arrangement. The special meeting of Osino shareholders will be held on April 29, 2024. The transaction is expected to close in H1 2024, subject to timing of the approvals under the Namibia Competition Act.
Canaccord Genuity Group Inc. (TSX:CF) acted as financial advisor, DeHeng Law Offices and McCarthy Tétrault LLP acted as legal advisor to Yintai Gold Co., Ltd, Bank of Montreal (TSX:BMO), Treadstone Resource Partners Pty Ltd, VIII Capital Corp., BMO Capital Markets acted as financial advisor and King & Wood Mallesons LLP and Stikeman Elliott LLP acted as legal advisor, Bank of Montreal (TSX:BMO) and VIII Capital Corp. acted as fairness opinion provider to Osino. BMO Nesbitt Burns Inc. acted as fairness opinion provider to the board of Osino and the Osino Special Committee. Computershare Investor Services Inc. acted as the depositary and transfer agent to Osino. Laurel Hill Advisory Group LLC acted as information agent to Osino for a fee of up to CAD 90,000, plus a per-call fee.