Omai GOLD Mines Corp . Announces Closing of $13 Million Brokered Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
OMAI GOLD MINES CORP . ANNOUNCES CLOSING OF $13 MILLION
BROKERED PRIVATE PLACEMENT
To r o n t o , O n t a r i o – (June 20, 2024) – Omai Gold Mines Corp. (TSXV:OMG) (OTCQB:OMGGF) ("Omai" or
the "Company") is pleased to announce that it has completed its previously announced brokered private
placement offering (the "Offering") of 108,333,333 common shares (each, a "Share") of the Company at a
price of $0.12 per Share (the "Issue Price") for gross proceeds of approximately $13,000,000.
The Offering was conducted by Paradigm Capital Inc., acting as lead agent and sole bookrunner, and
Maison Placements Canada Inc., Pollitt & Co. Inc. and Velocity Trade Capital Ltd. (collectively, the
"Agents"). In connection with the Offering, the Company paid to the Agents a cash commission of
$751,800.28 and issued 6,265,002 broker warrants (the “Broker Warrants”). Each Broker Warrant is
exercisable into one Share of the Company at a price of $0.12 per Share for a period of 24 months from
the date hereof. Additionally, as consideration for financial advisory services provided in connection with
the Offering, the Company paid the Agents an additional cash advisory fee of $158,199.72 and issued to
the Agents an additional 1,318,331 Broker Warrants.
The net proceeds from the Offering will be used for exploration and development, and general working
capital purposes.
The securities issued under the Offering are subject to a hold period expiring four months and one day from
the closing date of the Offering. The Offering remains subject to final acceptance of the TSX Venture
Exchange.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer
to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would
be unlawful.
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 a Preliminary Economic Assessment (“PEA”) on its Wenot deposit at Omai on
April 4, 2024, supporting an open pit operation to produce 1.84 million ounces of gold over a 13-year period,
with an NPV5% of US$556 million at a US$1950/oz gold price1. An updated NI 43- 101 Mineral Resource
Estimate (“MRE”) announced February 8, 2024 includes 2.0 million ounces of gold (Indicated) and 2.3
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 process recoveries and many other relevant mining parameters.
1 The NI43-101 T echnical Report dated May 21, 2024, titled “UPDATED MINERAL RESOURCE ESTIMATE AND
PRELIMINARY ECONOMIC ASSESSMENT OF THE OMAI GOLD PROPERTY , POTARO MINING DISTRICT NO.
2, GUYANA”, prepared under the supervision of Eugene Puritch, P .Eng., FEC, CET , President of P&E Mining
Consultants Inc., who is a Qualified Person (QP) and is independent of Omai Gold for the purposes of NI 43-101. The
report is available on SEDAR+ and on the Company’s website at
https://omaigoldmines.com/site/assets/files/5486/omg_wenot_pea_final_may_21_2024.pdf.
Elaine Ellingham P .Geo. is a Qualified Person (QP) under NI 43-101 "Standards of Disclosure for Mineral
Projects" and has reviewed the technical information contained in this news release. Ms. Ellingham is not
considered to be independent for the purposes of NI 43-101.
For further information, please contact:
Elaine Ellingham, P .Geo.
President & CEO
+1.416.473.5351
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements or information (collectively, “FLI”) within the meaning of
applicable Canadian securities legislation.
Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “anticipates”,
“plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”,
“proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events
or results “may”, “will” “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.” FLI herein includes,
anticipated regulatory approvals in connection with the Offering, stated use of proceeds of the Offering, statements
regarding the results of the Omai PEA, including the production, operating cost, capital cost and cash cost estimates,
the projected valuation metrics and rates of return, and the cash flow projections, as well as mineral resource estimates
for the Omai Gold Mine.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions,
estimates and uncertainties. For additional information with respect to these and risks, assumptions, and other factors
that may affect the FLI made in this press release concerning the Company, please refer to the sections entitled
“Cautionary Note Regarding Forward-Looking Information” and "Risk Factors" in the most recent management
discussion and analysis of the Company, which is available electronically on SEDAR+ (www.sedarplus.ca) under the
Company's issuer profile. FLI is not, and cannot be, a guarantee of future results or events. Investors are cautioned not
to put undue reliance on forward-looking statements.
The FLI contained in this press release are made as of the date hereof or as at the date of the applicable document
only and, accordingly, are subject to change after such dates. The Company disclaims any intent or obligation to update
publicly or otherwise revise any FLI or the foregoing list of risks, assumptions or other factors, whether as a result of
new information, future events or otherwise, except in accordance with applicable securities laws.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.