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Omai Gold Mines Announces C$3 Million Non-Brokered Private Placement
TORONTO, June 02, 2021 (GLOBE NEWSWIRE) -- Omai Gold Mines Corp. (TSX VENTURE:OMG) ("Omai" or the "Company") is pleased to announce a non-brokered private place
About this update from Omai Gold Mines Corp.
[{"type":"text","content":" TORONTO, June 02, 2021 (GLOBE NEWSWIRE) -- Omai Gold Mines Corp. (TSX VENTURE:OMG) (\"Omai\" or the \"Company\") is pleased to announce a non-brokered private placement offering (the \"Offering\") for aggregate gross proceeds of up to C$3,000,000 through the issuance of units of the Company (the \"Units\") at a price of C$0.17 per Unit. Each Unit will consist of one common share (“Common Share”) and one-half of a common share purchase warrant. Two such half warrants constitute a full warrant (a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at an exercise price of C$0.23 for a period of 36 months from the closing date of the Offering. Silvercorp Metals Inc. (“Silvercorp”), an existing shareholder, has indicated its intention to subscribe for approximately C$455,000 of the Offering. Assuming total gross proceeds from the Offering of C$3,000,000, Silvercorp is expected to hold an approximately 15.2% equity stake in the Company on a basic basis and increase its current ownership to 15.7% on a partially diluted basis. Mario Stifano, Chief Executive Officer of Omai Gold Mines, commented: “We are delighted that Silvercorp is maintaining its pro rata ownership in Omai Gold Mines. The positive results from the ongoing drilling and assaying program at the Wenot target that we previously announced – including 16.0 meters of 9.0 grams per tonne (g/t) gold, 32.1 meters of 3.6 g/t gold, and 14 meters of 9.1 g/t gold, indicates the potential to significantly expand the open-pit mineralization at Wenot while it remains open at depth and on strike. Given the location on the prospective Guiana Shield that is home to other major gold discoveries, Omai exhibits excellent potential to host near surface as well as high-grade gold mineralization such as hole OMU-28 which drilled 101 meters of 34.91 g/t gold at the Fennell deep target.” The proceeds from the Offering will be used for additional drilling under the Wenot deposit, the preparation of the Company’s inaugural 43-101 resource estimate for Wenot, and to advance new high-priority exploration targets at Omai, including Broccoli Hill. The Company may pay a finder’s fee of 7% cash as well as 7% broker warrants for Units sold to certain investors (“Broker Warrants”). Each Broker Warrant entitles the holder to acquire one common share of the Company at a price of $0.17 fo...