/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
SASKATOON, SK, Nov. 16,
2022 /CNW/ - Omineca Mining and Metals Ltd.'s (TSXV:
OMM) ("Omineca" or the "Company") announces that it
has completed a non-brokered private placement offering (the
"Offering") of 9,374,999 units of the Company (the
"Units") at a price of $0.08
per Unit for gross proceeds of $750,000. Each Unit consists of one common
share of the Company (a "Unit Share") and one (1) common
share purchase warrant (a "Warrant"). Each Warrant entitles
the holder to purchase one common share of the Company at an
exercise price of $0.12 until
November 16, 2024.
The net proceeds of the Offering will used to accelerate and
continue the Company's hard rock gold exploration and drilling
activity at its exploration projects in the Cariboo Mining District
in south-central British Columbia
and for general working capital purposes.
The Units, and the underlying securities comprising the Units
issued under the Offering are subject to a statutory hold period
expiring March 17, 2023. In
connection with the Offering, the Company has paid certain finders
a cash finder fee of 7% of applicable subscription price.
Omineca advises that insiders of the company participated in the
Offering, which was completed pursuant to available related party
exemptions under Multilateral Instrument 61-101.
About Omineca Mining and Metals Ltd.
Omineca's
flagship Wingdam gold exploration and placer
recovery project is located along the Barkerville
Highway 45 km east of the City of Quesnel, British Columbia. The Wingdam
project includes mineral tenures totaling over 61,392
hectares (613 square kms) and in excess of 15 linear
kilometers of placer claims, both encompassing the Lightning Creek
valley where topographic conditions created thick layers of
overburden, which preserved a large portion of a buried
paleochannel containing placer gold-bearing
gravels. Omineca also has an exploration and
diamond drill program currently underway exploring for the
potential multiple hard rock sources of the placer gold at
Wingdam.
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 Offering, the economic
feasibility of the Wingdam project, known and unknown risk factors
and uncertainties affecting Omineca, including 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