Omai Gold Mines Completes C$4.9 million Oversubscribed Non-Brokered Private Placement
17 Décembre 2021 - 2:27PM
Omai Gold Mines Corp. (TSXV: OMG) (“
Omai” or the
“
Company”) has completed its previously announced
non-brokered private placement for gross proceeds of $4,882,566
through the issuance of 44,386,972 units (a
“
Unit”) at a price of C$0.11 per Unit (the
“
Offering”). The Offering was oversubscribed.
Each Unit consists of one common share (a
“Common Share”) and one-half of a Common Share
purchase warrant. Two such half warrants constitute a full warrant
(“Warrant”). Each Warrant entitles the holder to
acquire one Common Share at an exercise price of C$0.20 per Common
Share until December 17, 2023.
In connection with the Offering, the Company
paid cash finders’ fees of $173,644.02 and issued 1,578,581
finder’s warrants, each of which entitles the holder to purchase
one Common Share at a price of C$0.11 until December 17, 2023. The
net proceeds of the Offering will be used to fund exploration on
the Company’s Omai gold project in Guyana and for general working
capital purposes.
All securities issued pursuant to the Offering
will be subject to a statutory hold period expiring four months and
one day after closing of the Offering. None of the securities
issued in the Offering will be registered under the United States
Securities Act of 1933, as amended (the “1933
Act”), and none of them may be offered or sold in the
United States absent registration or an applicable exemption from
the registration requirements of the 1933 Act. This press release
shall not constitute an offer to sell or a solicitation of an offer
to buy nor shall there be any sale of the securities in any state
where such offer, solicitation, or sale would be unlawful.
The Offering constituted a “related party
transaction” as defined under Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special Transactions
(“MI 61-101”) as certain insiders of the Company
subscribed for an aggregate of 2,904,544 Units pursuant to the
Offering. The Company is relying on the exemptions from the
valuation and minority shareholder approval requirements of MI
61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as
the fair market value of the participation in the Offering by
insiders does not exceed 25% of the market capitalization of the
Company, as determined in accordance with MI 61-101. The Company
did not file a material change report in respect of the related
party transaction at least 21 days before the closing of the
Offering, which the Company deems reasonable in the circumstances
so as to be able to avail itself of the proceeds of the Offering in
an expeditious manner.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
About Omai Gold Mines Corp.
Omai Gold Mines Corp., through its wholly owned
subsidiary Avalon Gold Exploration Inc., holds a 100% interest in
the Omai Prospecting License covering 4,590 acres (18.575 sq. km),
that includes the past producing Omai gold mine. Once South
America’s largest producing gold mine, Omai produced over 3.8
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,
leaving significant drilled resources untapped and prime
exploration targets untested. The Company’s short-term priorities
are to verify and expand the known resources, while advancing
exploration on key targets, providing a solid opportunity to create
significant value for all stakeholders.
For further information, please see our website
www.omaigoldmines.com or contact:
Elaine Ellingham P.Geo.President &
CEOelaine@omaigoldmines.comPhone:
+1-416-473-5351
Cautionary Note Regarding Forward-Looking
Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the timing of completion of
the drill program, and the potential for the Omai gold project to
allow Omai to build significant gold resources at attractive
grades, and forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to general business, economic, competitive, political and
social uncertainties; delay or failure to receive regulatory
approvals; the price of gold and copper; and the results of current
exploration. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Omai Gold Mines (TSXV:OMG)
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