Omineca Closes $626,000 and Increases Unit Component of Offering to $1,000,000
Omineca Closes $626,000 and Increases Unit Component of Offering to $1,000,000
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
Saskatoon, SK. April 28, 2020 – Omineca Mining and Metals Ltd. (TSX-V: OMM) (“Omineca”
or the “Company”) announces the initial closing of it s previously announced private placement.
Pursuant to the initial closing, Omineca raised aggregate gross proceeds of $626,000 through the
issuance of 5,216,665 units of the Company (“Units”) at a price of $0.12 pe r Unit. Omineca also
announces that it is increasing the Unit component of its non-brokered private placement of units
(the “Units”) from a maximum of up to 4,166,666 Units to a maximum of up to 8,333,333 Units
at a price of $0.12 per Unit for gross proceeds of approximately $1,000 ,000. The flow through
share component of the private placement remains unchanged, being an allotment of up to
6,250,000 common shares of the Company to be issued on a flow through basis at a price of $0.16
for gross proceeds of $1,000,000. The final closing of the private placement is scheduled to occur
on or before May 10, 2020.
Omineca is planning a hard rock exploration and drilling program at Wingdam, which represents
the Company’s initial exploration program for the lode gold source of placer gold recovered from
the underground paleochannel at Wingdam, BC, Canada. While not finalized, the exploration plan
will begin with structural ma pping and trenching, followed with diamond drilling of up to 20
exploration holes in four initial target areas for a planned 6,000 meters. This will be Omineca’s
first drill program for lode gold at Wingdam.
The drill program is targeting NW striking faults where they intersect NE trending faults identified
in the magnetic survey completed in 2018. This structural cont rol pattern is indicative of Riedel
style strike-slip deformation that would produce sub-vertical ore s hoots similar to the structural
controls of the gold hosted at Osisko Gold Roya lties’ Cariboo Gold Project at Barkerville, 25
kilometers to the east.
In an earlier SkyTEM survey, a large electro-magnetic signature was identified immediately
upstream of Omineca’s underground placer recovery program at Wingdam. The Lightning Creek
river valley is a major erosional feature cross-cutting through several parallel structures including
the large SkyTEM electro-magne tic anomaly. The creek itself is known to contain high
concentrations of placer gold immediately adjacent to and downs tream of the electro-magnetic
anomaly (see NI 43-101 report on 2012 bulk samp le at Wingdam conduct ed by OMM’s wholly
owned subsidiary CVG Mining). Pa rallel structures with similar geology are known to host lode
gold within the region. A number of placer gold nuggets recovered in 2012 were rough to jagged
edged and in some cases contained quartz pieces, potentially indicative of a nearby lode source.
Exploration will commence once the snow cover has melted and drill permits have been received.
This exploration program will run concurre ntly with the underground rehabilitation and
development work on the Wingdam paleo placer project, which will also comme nce after the
spring thaw.
Qualified person
Dr. Stewart A. Jackson, PGeo, is a qualified person within the context of National Instrument 43-
101 and has prepared, read and approved the technical aspects of this news release.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals Ltd. controls its flagship Wingda m Project and the Fraser Canyon
Project through its wholly owned subsidiary CVG Mining Ltd. The Wingdam Project is located
45 km east of Quesnel B.C. on the Barkerville highway. The property includes both placer and
hard-rock tenures along the Lightning Creek valley, where topographic conditions created a thick
overburden which preserved a la rge portion of the channel from conventional surface placer
mining activity.
For further information, please contact:
Tom MacNeill
President and CEO
306-653-2692
This news release does not constitute an offer to sell, or the solicitation of an offer to buy securities in any
jurisdiction in which such offer or solicitation would be unlawful prior to registration or qualification under
the securities laws of such jurisdiction.
The securities offered under the offering have not been and will not be registered under the United
States Securities Act of 1933, as amended (the " Securities Act"), or the securities laws of any state of the
United States, and may not be offered or sold in the United States or to, or for the account or benefit of,
any U.S. Person (as defined in Regulation S of the S ecurities Act) or a person in the United States, unless
an exemption from such registration requirements is available.
Forward Looking Statements
This release includes forward-looking statements reg arding Omineca and its business. Such statements
are based on the current expectations and views of future events of Omineca’s management. In some cases,
the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”,
“plan”, “anticipate”, “intend”, “potential”, “estimate” , “believe” or the negative of these terms, or other
similar expressions intended to identify forward-lo oking statements. The forward-looking events and
circumstances discussed in this release may not occur and could differ materially as a result of the failure
to consummate the project financing, the economic feasibility of the Wingdam Project, known and unknown
risk factors and uncertainties affecting Omineca, in cluding the impact of the COVID-19 pandemic on the
Company and its business, risks regarding the resource industry, economic factors and the equity markets
generally and many other factors beyond the control of Omineca. No forward-looking statement can be
guaranteed. Forward-looking statements and informa tion by their nature are based on assumptions and
involve known and unknown risks, uncertainties and ot her factors which may cause our actual results,
performance or achievements, or industry results, to be materially different from any future results,
performance or achievements expressed or imp lied by such forward-looking statement or
information. Accordingly, readers should not place undue reliance on any forward-looking statements or
information. Forward-looking statements speak only as of the date on which they are made and Omineca
undertakes no obligation to publicly update or revise any forward-lookin g statement, whether as a result
of new information, future events, or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Servi ces Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts res ponsibility for the adequacy or accuracy of this
release.