/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
SASKATOON,
SK, Nov. 27, 2024 /CNW/ - Omineca Mining and
Metals Ltd. ("Omineca" or the "Company") (TSXV:
OMM) (OTCQB: OMMSF) is pleased to announce the closing of its
previously announced rights offering. The Company received
17,402,933 subscriptions for units pursuant to the basic
subscription privilege and an additional 20,680,447 subscriptions
pursuant to the additional subscription privilege. As such, a
total of 38,083,380 units were purchased for gross proceeds of
$1,523,335. The net proceeds of the
offering will be used for the lode gold exploration and drilling
program currently underway at the Wingdam project located in the
Cariboo Mining District of south central British Columbia and for general corporate
purposes.
Each unit consists of one common share (a
"Common Share") and one Common Share purchase warrant (a
"Warrant"). Each Warrant is exercisable into one Common
Share at a price of $0.07 per share
until 5:00 p.m. (Toronto Time) on
November 26, 2027, subject to early
expiry in the event the daily volume-weighted average trading price
per Common Share for any 20 consecutive trading days in which there
have been at least 100 Common Shares traded on the TSXV exceeds
$0.10.
Collectively, insiders subscribed for 2,236,666
Units pursuant to the basic subscription privilege and 1,083,334
Units pursuant to the additional subscription privilege.
Following the closing of the offering, Omineca will have
218,167,955 common shares issued and outstanding.
The Rights Offering remains subject to the final
acceptance of the TSXV.
About Omineca Mining and Metals
Ltd.
Omineca Mining and Metals Ltd.'s flagship Wingdam
gold exploration and placer recovery projects are located along the
Barkerville Highway 45 km east of the City of Quesnel. The Wingdam Property 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.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER
THE US. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE
OFFERED OR SOLD IN THE UNITED
STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE 1933 ACT.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
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 secure final TSX Venture Exchange
approval of the Rights Offering 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.
