Omai Gold Mines closes non-brokered private placement

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

Omai Gold Mines Corp. (TSX VENTURE:OMG) ("Omai" or the "Company") is pleased to announce that further to its press releases dated June 2, 2021 and June 8, 2021, the Company has closed its non-brokered private placement with a lead order from Silvercorp Metals Inc. ("Silvercorp"). The Company issued 29,411,757 units (the "Units") at a price of C$0.17 per Unit for aggregate gross proceeds of C$4,999,999. Each Unit consists of one common share ("Common Share") and one-half of a common share purchase warrant. Two such half warrants constitute a full warrant (a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of C$0.23 for a period of 36 months from the closing date of the Offering.

Silvercorp, an existing shareholder, acquired 4,464,706 Units pursuant to the Offering for gross proceeds of C$759,000. As a result, Silvercorp holds an approximately 15.2% equity stake in the Company on a basic basis and 16.0% on a partially diluted basis.

The proceeds from the Offering will be used for an expanded exploration program at the Omai Gold Project.

Finders' fees of C$201,068 cash and 1,182,752 broker warrants ("Broker Warrants") were paid to certain finders. Each Broker Warrant entitles the holder to acquire one common share of the Company at a price of C$0.17 for a period of 36 months from the date of issuance.

Common Shares issued pursuant to the Offering and any Common Shares issued upon the exercise of Warrants or Broker Warrants will be subject to a four-month and one day hold period from the closing date in accordance with applicable securities laws of Canada.

The private placement is subject to TSX Venture Exchange approval.

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.
Early prospectors identified Guyana's vast mineral wealth 130 years ago, and at the heart of the country's gold mining history is the Omai mine: a multi-million-ounce deposit that was once South America's largest producing gold mine. We're building on this past success with new tools, relationships and vision to bring this under-explored gold district back to life, providing a unique opportunity for all stakeholders to participate in value creation.

Avalon Gold Exploration Inc., a wholly owned subsidiary of Omai Gold Mines Corp., holds a 100% interest in the Omai Prospecting License covering 4,590 acres, including the past producing Omai gold mine.

For further information, please see our website www.omaigoldmines.com or contact:

Mario Stifano
President and Chief Executive Officer
info@omaigoldmines.com

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 results of the exploration program. Forward-looking statements are necessarily based upon a number of estimates 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 ability to attract financing on these terms or at all; 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 anticipated 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Omai Gold Mines

Omai Gold Mines

Overview

Base and precious metals mining make up a significant portion of Guyana’s economy. The country’s mineral heritage not only includes high-quality copper, iron and nickel occurrences but well-known deposits of gold, bauxite and diamonds. Leveraging Guyana’s pro-mining government and the country’s stable Mining Act, resource companies operating in the country could offer investors significant returns.

Omai Gold Mines’ Company Highlights

  • Omai Gold Mines is a mineral exploration company focused on developing the highly prospective high-grade Omai gold mine in Guyana. This asset was once Guyana’s largest gold mine, producing 3.7 million ounces of gold from 1992 to 2006.
  • The company currently has 100 percent interest in Omai, which was granted by Guyana’s government. This grant offers fast-tracked development and drilling potential.
  • The Omai asset includes two open pits: the main Fennell pit and the Wenot pit. Omai Gold Mines expects to engage in productive exploration and advance drilling campaigns starting in 2021.
  • Omai Gold Mines is also owns the high-quality Grenfell property in the Kirkland Lake region of Ontario, Canada. The limited exploration history poses exciting gold discovery possibilities for the company.
  • The company presently has just under 200 million shares issued, and strategic shareholders that include Silvercorp Metals at 15.1 percent, Sandstorm Gold Royalties at 9.9 percent and Gold Spot Discoveries at 3 percent.
Get access to more exclusive Gold Stock profiles here.

Rebuilding the Success of the Historic Omai Gold Mine in Guyana

Metal Bank

MBK Due Diligence Completed & Whiteheads Drilling Commencing

Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) announced on 10 September 2025 that it has signed a non-binding term sheet (Term Sheet) with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to due diligence, binding documentation and other conditions precedent including shareholder approval) (Proposed Acquisition), and has commenced a scoping study for the Kingsley and Homestead deposits at the Livingstone Project, furthering its Western Australian focussed gold strategy to expand MBK’s WA gold portfolio and move to production.

Keep reading...Show less
John Feneck, gold bars.

John Feneck: Next Gold, Silver Price Targets, 11 Stocks I'm Bullish on Now

John Feneck, portfolio manager and consultant at Feneck Consulting, shares his outlook for gold and silver prices in 2025. His next target for gold is US$3,800 per ounce, and he still expects US$50 per ounce silver by the end of the year.

He also discusses the potential he sees in junior miners.

Keep reading...Show less
Sun Summit Minerals CEO Niel Marotta.

Sun Summit Minerals Eyes "Multimillion-Ounce" Gold Deposit at JD Project

Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is advancing toward a multimillion-ounce resource at its flagship JD gold project in BC following “fantastic” results from the first drill hole, which showed high-grade, shallow mineralization, according to CEO Niel Marotta.

“The thesis here is that, if we prove up a multimillion-ounce deposit, we really think there's 10x potential in our market cap. We're trading at about a C$40 million market cap now, which is about 10 percent of our neighbors. So that, I think, is what people ought to focus on,” he said.

In a recent announcement, Sun Summit reported that the first hole completed in 2025 returned “one of the strongest intervals of consistent and near-surface gold mineralization” drilled to date at the Creek zone. Results include 78 meters of 3.72 grams per ton gold starting at 30 meters down hole. The company plans to conduct follow-up drilling this season.

Keep reading...Show less
Angkor Resources

Angkor Resources

Keep reading...Show less

Latest Press Releases

Related News

×