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Omineca Mining Announces Upsized and Fully Allocated $2.8 Million Brokered Financing of Flow-Through Units
SASKATOON, Saskatchewan, March 09, 2023 (GLOBE NEWSWIRE) -- Omineca Mining and Metals Ltd. (“Omineca” or the “Company”) (TSXV:OMM) is pleased to announce that,
About this update from Omineca Mining And Metals Ltd.
[{"type":"text","content":" SASKATOON, Saskatchewan, March 09, 2023 (GLOBE NEWSWIRE) -- Omineca Mining and Metals Ltd. (“Omineca” or the “Company”) (TSXV:OMM) is pleased to announce that, due to strong investor demand, it is increasing the size and has fully allocated its previously announced brokered private placement offering (the “Offering”) for aggregate gross proceeds of up to approximately $2.8 million of flow-through units of the Company (each, a “FT Unit”) at a price of $0.11 per FT Unit. The Offering is led by Research Capital Corporation as the sole agent and sole bookrunner (the “Agent”). Each FT Unit shall be comprised of one common share of the Company (a “Common Share”) that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) and one purchase warrant of the Company (a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.14 for a period of 36 months from Closing (as defined herein). The Company will grant the Agent an option (the “Agent’s Option”) to increase the size of the Offering by up to 15% of the number of FT Units by giving written notice of the exercise of the Agent’s Option, or a part thereof, to the Company at any time up to 48 hours prior to the Closing Date. If the Agent’s Option is exercised in full, the aggregate gross proceeds to the Company will be approximately $3.22 million. The Offering will be conducted pursuant to the amendments to National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”) set forth in Part 5A thereof (the “Listed Issuer Financing Exemption”) to purchasers resident in Canada, except Québec. The FT Units offered under the Listed Issuer Financing Exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws. The gross proceeds from the sale of FT Units will be used for exploration expenses on the Company’s Wingdam gold project in British Columbia as Canadian exploration expenses as defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act that will qualify as “flow-through mining expenditures” (the “Qualifying Expenditures”), which will be incurred on or before December 31, 2024 an...