Omai GOLD Mines Announces Private Placement Offering
OMG
OMAI GOLD MINES ANNOUNCES PRIVATE PLACEMENT OFFERING
NOT FOR DISSEMINATION IN THE UNITED STATES
January 10, 2024, Toronto, O ntario – Omai Gold Mines Corp. (TSXV: OMG) (OTCQB:
OMGGF) (the "Company") is pleased to announce a non-brokered private placement offering
(the “Offering”) of up to 43,000,000 uni ts (each a “Unit”) at a price of $0.07 per Unit for gross
proceeds of up to $3,000,000 , subject to acceptance of the TSX Venture Exchange (the
“Exchange”). Each Unit will consist of one common share of the Company (a “Common
Share”) and one- half of a common share purchase warrant. Two such half warrants shall
constitute a full warrant (a “Warrant”). Each Warrant entitles the holder to acquire one
common share (a “Warrant Share” ) at an exercise price of C$0.11 for a period of 18 months
from the date of issuanc e.
Elaine Ellingham, Chief Executive Officer commented: “Our 2023 drilling significantly
expanded the zones of gold mineralization at the West Wenot target, further demonstrating
the scope of untapped potential of this large shear -hosted orogenic gold system at our Omai
project in Guyana. The Wenot depo sit now extends along a strike of at least 2.5 km, with a
width of up to 500m and depth to at least 425m . All Wenot hol es intersected multiple gold
zones with good grades and wi dths for open pit mining , including 4.07 g/t Au over 31.1 m
(23ODD-063), 2.26 g/t Au over 70.0 m (23ODD -071), 5.18 g/t Au over 20.2 m (23ODD -064),
4.54 g/t Au over 27.5m (23ODD -065), 8.7 g/t Au over 4.6 m (23ODD -066), and 5.89 g/t Au
over 12.0m (23ODD -067). These are expected to have a positive impact on the upcoming
resource update. Our independent consultant (Qualified Person “ QP”) is preparing an updated
resource report that will form the basis of a Preliminary Economic Assessment ( PEA), both
expected to be completed within the next couple months .”
The net proceeds from the Offering will be used to further advance exploration on the
Company’s Omai Project in Guyana and for general working capital purposes.
The Offering may be closed in one or more tranches as subscriptions are received. If the
Offering is oversubscribed, subscriptions will be accepted at the discretion of the Company
and subject to the approval of the Exchange; therefore, it is possible that a subscriber’s
subscription may not be accepted by the Company even if it is received within the Offering
period unless the Company determines to increase the size of the Offering.
All securities issued pursuant to the Offering will be subject to statutory hold periods in
accordance with applicable Canadian and United States securities laws . The securities
offered have not been registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the
United States or to, or for the account or benefit of, United States persons , absent registration
or compliance with an applicable exemption from the registration requirements of the U.S.
Securities Act and applicable state securities laws.
Subject to Exchange approval, finder’s fees may be paid to persons who introduce the
Company to investors.
OMG NEWS RELEASE 2
The Offering is expected to close on or around January 24, 2024. Completion of the Offering
remains subject to the receipt of all necessary regulatory approvals, including approval of the
Exchange.
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. The Company announced an updated NI 43 -101 Mineral Resource Estimate
(“MRE”) October 20, 2022 that includes 1.9 million ounces of gold (indicated) and 1.8 million
ounces (inferred)1. 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 road
access and a wealth of historical data that provides knowledge of the geology and gold
mineralization on the property, as well as metallurgy, historical recoveries and many other
relevant mining parameters. The Company is currently integrating results from the 2023 drilling
and is proceeding with an updated Mineral Resource Estimate that will form the basis of a
Preliminary Economic Assessment (PEA), both expected to be completed in Q1 2024.
1 The Company filed an NI43-101 technical report titled “Technical Report and Updated Mineral Resource
Estimate of the Omai Gold Property, Potaro Mining District No. 2, Guyana”, prepared by P&E Mining
Consultants Inc dated December 2, 2022 on the SEDAR website www.sedar.com.
Qualified Person
Elaine Ellingham is a Qualified Person (QP) under National Instrument 43- 101 "Standards of
Disclosure for Mineral Projects" and has approved the technical information contained in this news
release. M s. Ellingham is not considered to be independent for the purposes of National
Instrument 43-101.
For further in formation, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham, P.Geo.
President & CEO
+1-416-473-5351
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 exploration, trenching and drill programs, and the potential
for the Omai Gold Project to allow Omai to build significant gold Mineral Resources at attractive
OMG NEWS RELEASE 3
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 regulator y approvals; the price of gold and copper; and
the results of current exploration. Further, the Mineral Resource data set out in the Omai Gold
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 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. Accordi ngly, 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.