Omai Gold Mines - CEO, Elaine Ellingham.
CEO, Elaine Ellingham.
Source: Alamos Gold.
Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • Omai Gold Mines (OMG) has announced a non-brokered private placement of up to C$4,500,000
  • The company will use the proceeds for exploration and drilling at the Omai Project as well as for working capital and general corporate purposes
  • This year’s drilling intersected up to 16 m at 9 g/t gold
  • Omai Gold Mines holds a 100-per-cent interest in the Omai Prospecting License covering 4,590 acres in South America
  • Omai Gold Mines (OMG) is down by 4.55 per cent and is currently trading at $0.105 per share

Omai Gold Mines (OMG) has announced a non-brokered private placement of up to C$4,500,000.

It will issue up to approximately 40,909,090 units priced at $0.11 per unit.

Each unit consists of one common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to acquire one common share for $0.20 for 24 months from the closing of the offering.

The company will use the proceeds for exploration and drilling at the Omai Project as well as for working capital and general corporate purposes.

Elaine Ellingham, Omai’s CEO, stated,

“Our recently completed drilling (~10,000 metres), mostly focused on Wenot, confirmed that the gold-mineralized Wenot shear corridor continues to a considerable depth below the past-producing pit, along the full 1.7 km strike.

Some of our best intersections from this year’s drilling included: 16 m @ 9 g/t gold (hole 001), 9 m @ 6.6 g/t gold (hole 008), 19 m @ 6.9 g/t gold (hole 013) and 20 m @ 4.63 g/t gold (hole 022). With the independent Qualified Person preparing our initial NI 43-101 report on this Wenot deposit, we have commenced our next phase of exploration.

Drilling restarted this week as we now focus on the strike extensions of the Wenot pit, both east and west as well as some initial scout holes on the large Broccoli Hill target, and other unmined areas with potential for near-surface gold deposits, amenable to open-pit mining. We plan to initiate drilling in 2022 to both verify and explore the expansion potential of the historic resource beneath the past-producing Fennell deposit.”

Red Cloud Securities is acting as a finder in connection with a portion of the offering.

Omai Gold Mines holds a 100-per-cent interest in the Omai Prospecting License covering 4,590 acres in South America.

Omai Gold Mines (OMG) is down by 4.55 per cent and is currently trading at $0.105 per share as of 9:30 am ET.

More From The Market Herald

" Eastern Platinum (TSX:ELR) sign finance facility agreement with Investec Bank

Eastern Platinum (ELR) has signed a finance facility agreement with Investec Bank.

" Revival Gold Intersects Revival (TSXV:RVG) intersects more gold at Beartrack-Arnett

Revival Gold (RVG) released new results from its 2022 drilling program at the Beartrack-Arnett Gold Project.

" Buscando Resources (CSE:BRCO) announces private placement financing

Buscando Resources (BRCO) announced a non-brokered private placement for gross proceeds of $200,000.
The Market Herald Video

" Dundee Corporation (TSX:DC.A) closes privatization of Big River Gold

Dundee (DC.A) has closed its privatization of Big River Gold with Aura Minerals.