Dundee Precious rises after saying it won't revise bid for Osino Resources

DPM Metals

20/02/2024 19:21

(Updates)
    ** Shares of Canadian miner Dundee Precious Metals  DPM.TO 
gain 7.2% to C$8.84
    ** Firm to not submit revised bid for Osino Resources
 OSI.V  in response to offer from a foreign miner to buy Osino
    ** Company had announced C$287 mln ($212.34 mln)
cash-and-stock deal to acquire Osino in December 
    ** According to the terms of the deal, DPM to receive C$10
mln from Osino upon termination of the transaction
    ** "Don't think this increases urgency for DPM to find
something else, but it increases focus on Čoka Rakita -
brokerage National Bank Of Canada Financial Markets Research in
a note
        ** "DPM continues to benefit from strong free cash flow
from our existing operations, and we have an attractive organic
growth pipeline, including the high-grade Čoka Rakita gold
project in Serbia" - Dundee CEO David Rae
  
    ** Shares of OSI up 24.8% at C$1.74
    ** DPM stock has risen 4.2% so far this year, while OSI
stock has risen 23.9%
        
  
($1 = 1.3516 Canadian dollars)

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com;))