China's Yintai Gold to buy Canadian gold exploration firm Osino for $272 million

DPM Metals

25/02/2024 23:13

Feb 25 (Reuters) - China-based Yintai Gold  000975.SZ 
on Sunday said it will acquire Canadian gold exploration firm
Osino Resources  OSI.V  in an all cash deal for C$368 million
($272.53 million).
    Osino will end its C$287 million deal with Canadian gold
miner Dundee Precious Metals  DPM.TO , which was announced in 
December, and Yintai also will pay a $10 million termination fee
for the deal, according to the statement.
    "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," Osino CEO 
Heye Daun said in a statement.
    The deal also will help Osino fast-track development of the
wholly owned Twin Hills Gold Project in central Namibia.
    The deal offers cash consideration of C$1.90 for each Osino
common share and was approved by the Osino board Special
Committee, which recommended it to shareholders, the statement
added.

($1 = 1.3503 Canadian dollars)

 (Reporting by Urvi Dugar in Bengaluru; Editing by Bill Berkrot)
 ((UrviManoj.Dugar@thomsonreuters.com;))