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Omai Gold Mines Corp. Announces Closing of $25.3 Million Bought Deal Private Placement of Common Shares
Toronto, Ontario--(Newsfile Corp. - February 13, 2025) - Omai Gold Mines Corp. (TSXV: OMG) (" O...
About this update from Omai Gold Mines Corp.
[{"type":"text","content":"Omai Gold Mines Corp. Announces Closing of $25.3 Million Bought Deal Private Placement of Common SharesToronto, Ontario--(Newsfile Corp. - February 13, 2025) - Omai Gold Mines Corp. (TSXV: OMG) (\"Omai\" or the \"Company\") is pleased to announce that the Company has closed its previously announced \"bought deal\" private placement offering (the \"Offering\") of 84,334,100 common shares of the Company (the \"Shares\"), which included the exercise of the over-allotment option in full, at a price of $0.30 per Share for gross proceeds of $25,300,230.The Offering was conducted by Paradigm Capital Inc., acting as co-lead underwriter and sole bookrunner, Haywood Securities Inc., as co-lead underwriter, Agentis Capital Markets Limited Partnership and Maison Placements Canada Inc. (collectively, the \"Underwriters\"). In connection with the Offering, the Company paid to the Underwriters a cash commission of $1,236,007 and issued 2,060,013 broker warrants (the \"Broker Warrants\"). Each Broker Warrant is exercisable into one Share of the Company at a price of $0.30 per Share for a period of 24 months from the date hereof. Additionally, as consideration for financial advisory services provided in connection with the Offering, the Company paid the Underwriters an additional cash advisory fee of $237,006 and issued to the Underwriters an additional 395,010 Broker Warrants.The purchase of 315,000 Shares by certain directors and an officer of the Company constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, specifically sections 5.5(a) and 5.7(1)(a), as the fair market value of the Shares issued to, and the consideration paid by, insiders does not exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to closing of the Offering as the insider participation had not been confirmed at that time.The net proceeds from the Offering will be used for exploration and development, and general working capital purposes.The securities issued under the Offering are subject to a hold period, under Canadian securities laws, expiring ...