Omai Gold Mines Corp. Announces Upsize of Previously Announced Private Placement to $13 Million

Omai Gold Mines Corp. Announces Upsize

of Previously Announced Private

Placement to $13 Million

June 04, 2024 8:57 AM EDT | Source: Omai Gold Mines Corp. (/company/8712/Omai-Gold-Mines-

Corp.)

Toronto, Ontario--(Newsfile Corp. - June 4, 2024) - Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF) ("Omai" or the

"Company") is pleased to announce that, due to investor demand, the Company and Paradigm Capital Inc. (the "Agent")

have agreed to increase the size of the Company's previously-announced best eorts private placement oering (the

"Oering"). The amended Oering is now for 108,333,333 common shares of the Company (the "Shares") at a price of $0.12

per Share (the "Issue Price") for total gross proceeds of $13,000,000.

The net proceeds from the Oering will be used for exploration and development, and general working capital purposes.

The Oering is expected to close on or about June 20, 2024 (the "Closing Date") and is subject to certain closing conditions

including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX

Venture Exchange and the applicable securities regulatory authorities. The Oering is being made by way of private

placement in Canada, in the United States pursuant to an exemption from the registration requirements of the United States

Securities of 1933, as amended, and in such other jurisdictions as may be mutually agreed upon by the Agent and the

Company. The securities issued under the Oering will be subject to a hold period in Canada expiring four months and one

day from the Closing Date.

The securities oered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be oered or

sold in the United States absent registration or an applicable exemption from the registration requirements. This press

release shall not constitute an oer to sell or the solicitation of an oer to buy nor shall there be any sale of the securities in

any State in which such oer, 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)

6/4/24, 9:41 AM Omai Gold Mines Corp. Announces Upsize of Previously Announced Private Placement to $13 Million

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and 2.3 million ounces (Inferred)1. Once South America's largest producing gold mine, Omai Gold Mines Corp News Release

May 30, 2024 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.

The NI43-101 Technical 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

(https://api.newsfilecorp.com/redirect/eLX0nH8p0K).

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

[email protected] (mailto:[email protected])

+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, but is not

limited to, the terms and conditions of the Oering, anticipated regulatory approvals in connection with the Oering, timing

of closing of the Oering, stated use of proceeds of the Oering, 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 aect 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

1

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of the Company, which is available electronically on SEDAR+ (www.sedarplus.ca

(https://api.newsfilecorp.com/redirect/858DKU4BEp)) 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 aer 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211663

(https://api.newsfilecorp.com/redirect/yEnKNSo4LN)

SOURCE: Omai Gold Mines Corp. (/company/8712/Omai-Gold-Mines-Corp.)

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