Major Shareholder Silvercorp Backs Placement
Omai Gold Mines Corp. (TSXV:OMG) has unveiled a non-brokered private placement offering to raise up to C$3 million to support its activities in Guyana.
Existing shareholder Silvercorp Metals Inc. has indicated its intention to subscribe for approximately C$455,000 of the Offering. Assuming total gross proceeds from the Offering of C$3,000,000, Silvercorp is expected to hold an approximately 15.2% equity stake in the company on a basic basis and increase its current ownership to 15.7% on a partially diluted basis.
“We are delighted that Silvercorp is maintaining its pro rata ownership in Omai Gold Mines,” CEO, Mario Stifano, said.
“The positive results from the ongoing drilling and assaying programme at the Wenot target that we previously announced – including 16.0 meters of 9.0 grams per tonne (g/t) gold, 32.1 meters of 3.6 g/t gold, and 14 meters of 9.1 g/t gold, indicates the potential to significantly expand the open-pit mineralisation at Wenot while it remains open at depth and on strike.
“Given the location on the prospective Guiana Shield that is home to other major gold discoveries, Omai exhibits excellent potential to host near surface as well as high-grade gold mineralisation such as hole OMU-28 which drilled 101 meters of 34.91 g/t gold at the Fennell deep target.”
The proceeds from the Offering will be used for additional drilling under the Wenot deposit, the preparation of the company’s inaugural 43-101 resource estimate for Wenot, and to advance new high-priority exploration targets at Omai, including Broccoli Hill.