Omai Gold Mines Announces Private Placement Offering
Omai Gold Mines Announces Private
Placement Offering
Toronto, Ontario--(Newsfile Corp. - December 2, 2022) -
Omai Gold Mines Inc.
(TSXV: OMG)
(OTCQB: OMGGF) ("Omai Gold" or the "Company") today announces that the Company is initiating a
non-brokered private placement ("Private Placement") of up to 60,000,000 common shares of the
Company ("Share") at a price of $0.05 per Share for gross proceeds of up to $3,000,000.
The net proceeds from the Private Placement will be used to advance exploration on nearby targets and
expand known Mineral Resources at the Company's Omai Project in Guyana and for general working
capital purposes.
In accordance with applicable Canadian securities laws, all securities issued pursuant to the private
placement with be legended with a hold period of four months and one day from the date of issuance.
The Private Placement is expected to close on or around December 16, 2022. Completion of the Private
Placement remains subject to the receipt of all necessary regulatory approvals, including approval of the
Toronto Venture Stock Exchange (the "TSXV").
Omai Gold also announces that the NI 43-101 Technical Report "Technical Report and Updated Mineral
Resource Estimate of the Omai Gold Property, Potaro Mining District No. 2, Guyana" is being filed today
on SEDAR related
to the updated Mineral Resource Estimate announced on October 20
th
, 2022
.
About Omai Gold Mines Corp.
Omai Gold Mines Corp. holds a 100% interest in the Omai Prospecting License that includes the past
producing Omai gold mine in Guyana, and a 100% interest in the adjoining Eastern Flats Mining
Permits, together covering 6,109 acres (24.69 km
2
). The Company recently announced an updated
Mineral Resource Estimate that includes the Wenot shear-hosted gold deposit and the adjacent Gilt
Creek intrusion-hosted deposit. The NI 43-101 Mineral Resource Estimate includes: 1,907,600 ounces
of gold (Indicated) at an average grade of 2.07 g/t gold and 1,777,600 ounces of gold (Inferred) at an
average grade of 2.10 g/t gold. Once South America's largest producing gold mine, Omai produced
over 3.7 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. As a brownfields project, Omai benefits from good access, and
a wealth of historical data that provides knowledge of the geology, nature of the gold mineralization on
the property, as well as metallurgy and recoveries. The Company's priority for 2023 is to drill the key
exploration targets that hold potential for significant new discoveries.
For further information, please see our website
www.omaigoldmines.com
or contact:
Elaine Ellingham, P.Geo.
President & CEO
+1-416-473-5351
Jason Brewster
VP Operations
+1-416-618-2178
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.
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 Mineral 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. Further, the Mineral Resource data set out in this news
release are estimates, and no assurance can be given that the anticipated tonnages and grades will
be achieved or that the indicated level of process recovery will be realized. There can be no
assurance that forward-looking 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.
Cautionary Statements to U.S. Readers
This news release uses the terms "Mineral Resource", "Indicated Mineral Resource" and "Inferred
Mineral Resource" as defined in the CIM Standards in accordance with NI 43-101. While these terms
are recognized and required by the Canadian Securities Administrators in accordance with Canadian
securities laws, they may not be recognized by the United States Securities and Exchange Commission.
The "Mineral Resource" Estimates and related information in this news release may not be comparable
to similar information made public by U.S. companies subject to the reporting and disclosure
requirements under the United States federal securities laws and the rules and regulations thereunder.
NOT FOR DISSEMINATION IN THE UNITED STATES
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https://www.newsfilecorp.com/release/146561