Feb 25 (Reuters) - China-based Yintai Gold (000975.SZ) , opens new tab on Sunday said it will acquire Canadian gold exploration firm Osino Resources (OSI.V) , opens new tab 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) , opens new tab, 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)

https://www.reuters.com/markets/deals/chinas-yintai-gold-buy-canadian-gold-exploration-firm-osino-272-million-2024-02-25/