OMG NEWS RELEASE 1 Omai Gold Mines Completes C$4.9 million Oversubscribed Non-Brokered Private Placement
OMG NEWS RELEASE 1
Omai Gold Mines Completes C$4.9 million
Oversubscribed Non-Brokered Private Placement
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
December 17, 2021 Toronto, Ontario — Omai Gold Mine s Corp. (TSXV: OMG) (“ Omai ” or the
“Company ”) has completed its previously announced non-broke red private placement for gross
proceeds of $4,882,566 through the issuance of 44,3 86,972 units (a “ Unit ”) at a price of C$0.11
per Unit (the “Offering ”). The Offering was oversubscribed.
Each Unit consists of one common share (a “Common Share ”) and one-half of a Common Share
purchase warrant. Two such half warrants constitute a full warrant (“ Warrant ”). Each Warrant
entitles the holder to acquire one Common Share at an exercise price of C$0.20 per Common
Share until December 17, 2023.
In connection with the Offering, the Company paid c ash finders’ fees of $173,644.02 and issued
1,578,581 finder’s warrants, each of which entitles the holder to purchase one Common Share at
a price of C$0.11 until December 17, 2023. The net proceeds of the Offering will be used to fund
exploration on the Company’s Omai gold project in G uyana and for general working capital
purposes.
All securities issued pursuant to the Offering will be subject to a statutory hold period expiring four
months and one day after closing of the Offering. None of the securities issued in the Offering will
be registered under the United States Securities Ac t of 1933, as amended (the “ 1933 Act ”), and
none of them may be offered or sold in the United S tates absent registration or an applicable
exemption from the registration requirements of the 1933 Act. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the
securities in any state where such offer, solicitation, or sale would be unlawful.
The Offering constituted a “related party transaction” as defined under Multilateral Instrument 61-
101 - Protection of Minority Security Holders in Special Transactions (“ MI 61-101 ”) as certain
insiders of the Company subscribed for an aggregate of 2,904,544 Units pursuant to the Offering.
The Company is relying on the exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in sections 5.5 (a) and 5.7(1)(a) of MI 61-101, as the fair
market value of the participation in the Offering b y insiders does not exceed 25% of the market
capitalization of the Company, as determined in accordance with MI 61-101. The Company did not
file a material change report in respect of the related party transaction at least 21 days before the
closing of the Offering, which the Company deems re asonable in the circumstances so as to be
able to avail itself of the proceeds of the Offering in an expeditious manner.
OMG NEWS RELEASE 2
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.
About Omai Gold Mines Corp.
Omai Gold Mines Corp., through its wholly owned subsidiary Avalon Gold Exploration Inc., holds
a 100% interest in the Omai Prospecting License coverin g 4,590 acres (18.575 sq. km), that
includes the past producing Omai gold mine. Once South America’s largest producing gold mine,
Omai produced over 3.8 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, leaving significant drilled resources
untapped and prime exploration targets untested. The Company’s short-term priorities are to verify
and expand the known resources, while advancing explora tion on key targets, providing a solid
opportunity to create significant value for all stakeholders.
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham P.Geo.
President & CEO
Phone: +1-416-473-5351
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 the drill pr ogram, and the potential for the Omai gold
project to allow Omai to build significant gold resources at attractive grades, and forward-looking
statements are necessarily based upon a number of e stimates 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
regulatory approvals; the price of gold and copper; and the results of current exploration. There
can be no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipat ed in such statements. Accordingly, 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.