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Omineca Final Closing of Oversubscribed Private Placement
Omineca Final Closing of Oversubscribed Private Placement Canada NewsWire SASKAT...
About this update from Omineca Mining And Metals Ltd.
[{"type":"text","content":"\n\n\n\nOmineca Final Closing of Oversubscribed Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSASKATOON, May 21, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n SASKATOON, May 21, 2020 /CNW/ - Omineca Mining and Metals Ltd. (TSXV: OMM) (\"Omineca\" or the \"Company\") has completed a second and final closing of its significantly oversubscribed private placement of units (the \"Units\") announced on April 1, 2020. Pursuant to the second and final closing, Omineca raised proceeds of approximately $933,920 through the issuance of 7,782,667 Units at a price of $0.12 per Unit. In total, Omineca raised aggregate gross proceeds of approximately $1,559,920 on the sale of 12,999,332 Units pursuant to the non-brokered private placement. \nEach Unit consists of one common share in the capital of the Company and one common share purchase warrant.  Each warrant entitles the holder to acquire one common share at a price of $0.20 for a period of 24 months. The securities issued under this private placement are subject to a statutory four-month hold period, ending August 28, 2020 for the first closing and September 22, 2020 for the second closing. Cash finder's fees were paid on the proceeds from the offering in the amount of $3,206.\nThe financing proceeds will be used toward a hard rock exploration and drilling program at Wingdam, which represents the Company's initial exploration program for the lode gold source of placer gold recovered from the underground paleochannel at Wingdam, BC, Canada.  Details about the exploration program will be announced once the relevant permits are received.\nAbout Omineca Mining and Metals Ltd.\nOmineca Mining and Metals Ltd. controls its flagship Wingdam Project and the Fraser Canyon Project through its wholly owned subsidiary CVG Mining Ltd.  The Wingdam Project is located 45 km east of Quesnel B.C. on the Barkerville highway.  The property includes both placer and hard-rock...