Omai Gold Mines Corp News Release May 30, 2024
Omai Gold Mines Corp News Release May 30, 2024
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES
OMAI GOLD MINES CORP. ANNOUNCES $10 MILLION
BROKERED PRIVATE PLACEMENT
Toronto, Ontario – (May 30, 2024) – Omai Gold Mines Corp. (TSXV:OMG) (OTCQB:OMGGF) ("Omai"
or the "Company") has entered into an agreement with Paradigm Capital Inc. (the "Agent") to act as
lead agent and sole bookrunner, on behalf of a syndicate of agents to be formed, in connection with a
“best efforts ” private placement offering (the "Offering ") of 83,334,000 common shares (each, a
"Share") of the Company to be issued at $0.12 per Share (the "Issue Price") for gross proceeds of
$10,000,080.
In addition, the Agent has been granted an option to sell up to 12,500,100 additional Shares for additional
gross proceeds of $1,500,012.
The net proceeds from the Offering will be used for exploration and development, and general working
capital purposes.
The Offering is expected to close on or about June 20, 2024 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 Offering
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 Offering will be subject to a hold period in Canada expiring four months and one day from the
closing date of the offering.
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 Assessmen t (“PEA”) on its Wenot deposit
at Omai on April 4, 2024, s upporting 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 price 1. 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 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 prov ides 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 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.
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, but is not limited to, the terms and conditions of the Offering, anticipated regulatory approvals in
connection with the Offering, timing of closing of 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 date s. 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.