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Omineca Mining and Metals Announces $500,000 Financing
Omineca Mining and Metals Announces $500,000 Financing Canada NewsWire SASKATOON...
About this update from Omineca Mining And Metals Ltd.
[{"type":"text","content":"\n\n\n\nOmineca Mining and Metals Announces $500,000 Financing\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\n\n\n\n\n\n\nCanada NewsWire\nSASKATOON, March 14, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n SASKATOON, March 14, 2019 /CNW/ - Omineca Mining and Metals Ltd. (TSX-V: OMM) (\"Omineca\" or the \"Company\") announces a non-brokered private placement offering of up to 10,000,000 units of the Company at $0.05 per unit for gross proceeds of up to $500,000. Each unit consists of one (1) common share and one (1) common share purchase warrant. Each warrant entitles the holder to acquire one (1) common share at $0.10 for 24 months following closing of the offering. Proceeds will be used to finance transaction costs related to the bulk sampling program announced on March 1, 2019, along with planning the 2019 hard rock exploration program, and for general working capital.\nOmineca has two distinct yet related projects – the Wingdam underground placer gold recovery project and an exploration project for potential hard rock sources for placer gold historically found at Wingdam. The Company's August 2018 geophysics program yielded magnetic lineaments that together with data compilation have allowed delineation of four targets on the Wingdam property. The property contains structural features similar to those hosting gold at Barkerville Gold Mine's Cariboo project located 25 km east-northeast of Wingdam.\nOmineca proposes a 2019 exploration program (the \"Program\") consisting of a VTEM survey over the priority target areas identified in the 2018 geophysics program to define drill targets, as well as a program of ground sampling and trenching.  Details of the Program will be announced when finalized.\nThe offering is subject to regulatory approval, including the approval of the TSXV. All securities issued pursuant to the offering are subject to a statutory four month hold period. Omineca advises that the insiders of the Company may participate in the financing, which will be completed pursu...