Osino Resources Corp. is now working on obtaining approvals from regulatory authorities after the shareholders voted in favour of the Yintai Gold deal on Monday.
The February 25, 2024, deal involves Yintai acquiring Osino in an all-cash transaction for C$368 million.
Osino Resources president and CEO Heye Daun said that the vote of Osino shareholders in favour of the arrangement is an important step.
Daun said they were working to obtain approvals from regulatory authorities, namely the Namibian Competition Commission, the National Development and Reform Commission of the People’s Republic of China, and the State Administration of Foreign Exchange of the People’s Republic of China.
He added that they could complete the arrangement once all regulatory and court approvals were obtained.
Yintai Gold has obtained approval from the Ministry of Commerce of the People’s Republic of China. It has a company’s final order hearing scheduled for May 2, 2024, before the Supreme Court of British Columbia.
The arrangement remains on track to close on or about the end of H1 2024, subject to approval by the Supreme Court of British Columbia and satisfaction of certain other closing conditions.
