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Omai Gold Mines Announces C$4.5 Million Non-Brokered Private Placement
TORONTO, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Omai Gold Mines Corp. (TSXV:OMG) ("Omai" or the "Company") is pleased to announce a non-brokered private placement of
About this update from Omai Gold Mines Corp.
[{"type":"text","content":" TORONTO, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Omai Gold Mines Corp. (TSXV: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$4,500,000 through the issuance of units of the Company (the \"Units\") at a price of C$0.11 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$0.20 for a period of 24 months from the closing date of the Offering. Elaine Ellingham, Chief Executive Officer commented: “Our recently completed drilling (~10,000 metres), mostly focused on Wenot, confirmed that the gold-mineralized Wenot shear corridor continues to considerable depth below the past producing pit, along the full 1.7 km strike. Some of our best intersections from this year’s drilling included: 16m @ 9.0 g/t Au (hole 001), 9.0m @ 6.6 g/t Au (hole 008), 19.0m @ 6.9 g/t Au (hole 013) and 20 m @ 4.63 g/t Au (hole 022). With the independent Qualified Person (“QP”) preparing our initial NI 43-101 report on this Wenot deposit, we have commenced our next phase of exploration. Drilling restarted this week as we now focus on the strike extensions of the Wenot pit, both east and west as well as some initial scout holes on the large Broccoli Hill target, and other unmined areas with potential for near surface gold deposits, amenable to open pit mining. We plan to initiate drilling in 2022 to both verify and explore the expansion potential of the historic resource beneath the past producing Fennell deposit.” The net proceeds from the sale of Units will be used for exploration and drilling at the Omai project and for working capital and general corporate purposes. The Company may pay a finder’s fee of 6% cash as well as 6% 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 $0.11 for a period of 24 months from the date of issuance. Red Cloud Securities Inc. is acting as a finder in connection with a portion of the Offering. The Offering is subject to certain conditions including, but not limited to, the receipt of all nec...