/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES./
SASKATOON, May 21, 2020 /CNW/ - Omineca Mining and
Metals Ltd. (TSXV: OMM) ("Omineca" or the "Company") has completed
a second and final closing of its significantly oversubscribed
private placement of units (the "Units") announced on April 1, 2020. Pursuant to the second and final
closing, Omineca raised proceeds of approximately $933,920 through the issuance of 7,782,667 Units
at a price of $0.12 per Unit. In
total, Omineca raised aggregate gross proceeds of approximately
$1,559,920 on the sale of 12,999,332
Units pursuant to the non-brokered private placement.
Each Unit consists of one common share in the capital of the
Company and one common share purchase warrant. Each warrant
entitles the holder to acquire one common share at a price of
$0.20 for a period of 24 months. The
securities issued under this private placement are subject to a
statutory four-month hold period, ending August 28, 2020 for the first closing and
September 22, 2020 for the second
closing. Cash finder's fees were paid on the proceeds from the
offering in the amount of $3,206.
The financing proceeds will be used toward 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. Details about the exploration program will be
announced once the relevant permits are received.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals Ltd. controls its flagship Wingdam
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
large portion of the channel from conventional surface placer
mining activity.
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 Securities
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 regarding
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-looking 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, including 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 information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other 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 implied 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-looking 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 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.
SOURCE Omineca Mining and Metals Ltd