Omai Gold Mines Corp. Announces Closing of C$40 Million Bought Deal Private Placement of Common Shares
Omai Gold Mines Corp. Announces Closing of
C$40 Million Bought Deal Private Placement of
Common Shares
Toronto, Ontario--(Newsfile Corp. - October 21, 2025) -
Omai Gold Mines Corp.
(TSXV: OMG) ("
Omai
"
or the "
Company
") is pleased to announce that the Company has closed its previously announced
"bought deal" private placement offering (the "
Offering
") of 34,783,000 common shares of the Company
(the "
Shares
"), issued at $1.15 per Share, for gross proceeds of $40,000,540.
The Offering was conducted by Paradigm Capital Inc., as lead underwriter and sole bookrunner,
Haywood Securities Inc., Agentis Capital Markets (First Nations Financial Markets Limited Partnership),
National Bank Financial Inc., Desjardins Securities Inc., Cormark Securities Inc. and Stifel Nicolaus
Canada Inc. (collectively, the "
Underwriters
"). In connection with the Offering, the Company paid to the
Underwriters a cash commission of $2,194,274.75.
The purchase of 200,000 Shares by an officer of the Company constitutes a "related party transaction"
within the meaning of Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions
("
MI 61-101
"). The Company has relied on the exemptions from the formal valuation and
minority shareholder approval requirements of MI 61-101, specifically sections 5.5(a) and 5.7(1)(a), as
the fair market value of the Shares issued to, and the consideration paid by, insiders does not exceed
25% of the Company's market capitalization. The Company did not file a material change report 21 days
prior to closing of the Offering as the insider participation had not been confirmed at that time.
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 under Canadian law 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.
This news 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 jurisdiction in which such offer, solicitation or sale would be unlawful.
The Shares have not been, nor will they be, registered under the United States Securities Act of 1933,
as amended, (the "
1933 Act
") and may not be offered, sold or delivered, directly or indirectly, in the
United States, or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the
1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act and all
applicable U.S. state securities laws.
ABOUT OMAI GOLD
Omai Gold Mines Corp. is a Canadian gold exploration and development company focused on rapidly
expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in mining-friendly
Guyana, South America. The Company has established the Omai Gold Project as one of the fastest
growing and well-endowed gold camps in the prolific Guiana greenstone belt.
In August 2025, the Company announced a 96% increase to the Wenot Gold Deposit NI 43-101 Mineral
Resource Estimate
1
(MRE) to 970,000 ounces of gold (Indicated) averaging 1.46 g/t Au, contained in
20.7 Mt and 3,717,000 ounces of gold (Inferred MRE) averaging 1.82 g/t Au, contained in 63.4 Mt. This
brings the global MRE at Omai, including the Wenot and adjacent Gilt Creek deposits, to 2,121,000
ounces of gold (Indicated MRE) averaging 2.07 g/t Au in 31.9 Mt and 4,382,000 ounces of gold (Inferred
MRE) averaging 1.95 g/t Au in 69.9 Mt.
A baseline PEA announced in April 2024, contemplated an open
pit-only development scenario and included less than 30% of the new Mineral Resource Estimate for
Omai. Four drills are currently active on the property: at Wenot the focus is to optimize the upcoming
PEA, to further test the limits of the deposit, including both east and west, and to upgrade some of the
large Inferred MRE to Indicated. Additional drilling will continue to explore certain known gold
occurrences for possible near surface higher-grade satellite deposits. An updated PEA is planned for
Q1 2026 to include the expanded Wenot open pit deposit and the adjacent Gilt Creek underground
deposit.
The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to 2005
2
, ceasing operations
when gold was below US$400 per ounce. The Omai site significantly benefits from existing infrastructure
and will soon be connected to the two largest cities in Guyana, Georgetown and Linden, via paved road.
1
NI 43-101 Technical Report dated October 9, 2025 titled "UPDATED MINERAL RESOURCE ESTIMATE AND TECHNICAL REPORT ON THE
OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" was prepared by P&E Mining Consultants Inc. and is available on
www.sedarplus.ca
and on the Company's website.
2
Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on www.sedarplus.ca, including
March 31, 2006 AIF and news release August 3, 2006.
Elaine Ellingham P.Geo. is a Qualified Person (QP) under National Instrument 43-101 - "Standards of
Disclosure for Mineral Projects" ("
NI 43-101
") and has reviewed the technical information contained in
this news release. Ms. Ellingham is a director and officer of the Company and is not considered to be
independent for the purposes of NI 43-101.
For further information, please see our website
www.omaigoldmines.com
or contact:
Elaine Ellingham
, P.Geo
.
President & CEO
+1.416.473.5351
Petra Decher
, CA, CPA
Chief Financial Officer
+1.416.565.2830
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, but is not
limited to, the terms and conditions of the Offering, anticipated regulatory approvals in connection with
the Offering, stated use of proceeds of the Offering, statements regarding the results of the PEA and
timing for an updated PEA, as well as the upgraded mineral resource estimate 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.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
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