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Omai Gold Mines Announces Upsized Private Placement Offering
Toronto, Ontario--(Newsfile Corp. - December 9, 2022) - Omai Gold Mines Inc. (TSXV: OMG) (OTC...
About this update from Omai Gold Mines Corp.
[{"type":"text","content":"Omai Gold Mines Announces Upsized Private Placement OfferingToronto, Ontario--(Newsfile Corp. - December 9, 2022) - Omai Gold Mines Inc. (TSXV: OMG) (OTCQB: OMGGF) (\"Omai Gold\" or the \"Company\") today announces that the Company is upsizing its previously announced non-brokered private placement (\"Private Placement\") to gross proceeds of up to $4,300,000 representing 86,000,000 common shares of the Company (\"Share\") at a price of $0.05 per Share.The net proceeds from the Private Placement will be used to advance exploration on nearby targets and expand known Mineral Resources at the Company's Omai Project in Guyana and for general working capital purposes.In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement will be legended with a hold period of four months and one day from the date of issuance.The Private Placement is expected to close on or around December 16, 2022. Completion of the Private Placement remains subject to the receipt of all necessary regulatory approvals, including approval of the Toronto Venture Stock Exchange (the \"TSXV\"). About Omai Gold Mines Corp.Omai Gold Mines Corp. holds a 100% interest in the Omai Prospecting License that includes the past producing Omai gold mine in Guyana, and a 100% interest in the adjoining Eastern Flats Mining Permits, together covering 6,109 acres (24.69 km2). The Company recently announced an updated Mineral Resource Estimate that includes the Wenot shear-hosted gold deposit and the adjacent Gilt Creek intrusion-hosted deposit. The NI 43-101 Mineral Resource Estimate includes: 1,907,600 ounces of gold (Indicated) at an average grade of 2.07 g/t gold and 1,777,600 ounces of gold (Inferred) at an average grade of 2.10 g/t gold. Once South America's largest producing gold mine, Omai produced over 3.7 million ounces of gold between 1993 and 2005. Mining ceased at a time when the average gold price was less than US$400 per ounce. As a brownfields project, Omai benefits from good access, and a wealth of historical data that provides knowledge of the geology, nature of the gold mineralization on the property, as well as metallurgy and recoveries. The Company's priority for 2023 is to drill the key exploration targets that hold potential for significant new discoveries. For further information, please see our website www...