Toronto, Ontario--(Newsfile Corp. - September 30, 2025) - Omai Gold Mines Corp. (TSXV: OMG) ("Omai" or the "Company") has entered into an agreement with Paradigm Capital Inc., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters to be formed (the "Underwriters"), in connection with a "bought deal" private placement offering (the "Offering") of 26,087,000 common shares (each, a "Share") of the Company to be issued at $1.15 per Share (the "Issue Price") for gross proceeds of $30,000,050.
In addition, the Underwriters have been granted an option to purchase up to 3,913,050 additional Shares for additional gross proceeds of up to $4,500,008.
The net proceeds from the Offering will be used for exploration and development, and general working capital purposes.
In connection with the Offering, the Company has agreed to pay the Underwriters a fee of 5.5% of the gross proceeds from the sale of the Shares (the "Underwriters' Fee"). The Company will have the right to include a list of subscribers to purchase up to C$1,500,000 of the Shares at the Issue Price under the Offering (the "President's List"). The Underwriters will receive a reduced Underwriters' Fee of 3% of the gross proceeds from the sale of the Shares to the President's List.
The Offering is expected to close on or about October 21, 2025, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The Offering is being made by way of private placement in Canada, in the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and in such other jurisdictions as may be mutually agreed upon by the Underwriters and the Company. The securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.
This news 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. The Shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "1933 Act") and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act.
ABOUT OMAI GOLD
Omai Gold Mines Corp. is a Canadian gold exploration and development company focused on rapidly expanding the two orogenic gold deposits at its 100%-owned Omai Gold Project in mining-friendly Guyana, South America. The Company has established the Omai Gold Project as one of the fastest growing and well-endowed gold camps in the prolific Guiana Shield greenstone belt. In February 2024 the Company announced an updated NI 43-101 Mineral Resource Estimate1 ("MRE"), followed by the announcement of an initial baseline Preliminary Economic Assessment ("PEA"), both reported in an NI 43-101 Report filed in April 2024, available on www.sedarplus.ca. The 2024 PEA contemplated an open pit-only development scenario and included only 45% of the Omai Gold Project MRE. The Company announced an updated, significantly increased Mineral Resource Estimate on August 25, 2025 and is commencing the preparation of an updated PEA that is expected in early 2026. Four drills are currently active on the property: at Wenot the focus is to optimize the upcoming PEA, to further test the limits of the deposit, including both east and west, and to upgrade some of the large Inferred Resource to Indicated. Additional drilling will explore certain known gold occurrences for possible near surface higher-grade satellite deposits.
The Omai Gold Mine produced over 3.7 million ounces of gold from 1993 to 20052, ceasing operations when gold was below US$400 per ounce. The Omai site significantly benefits from existing infrastructure and will soon be connected to the two largest cities in Guyana, Georgetown and Linden, via paved road.
1 NI 43-101 Technical Report dated May 21, 2024 "UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC ASSESSMENT OF THE OMAI GOLD PROPERTY, POTARO MINING DISTRICT NO.2, GUYANA" was prepared by Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. is available on SEDAR+ and on the Company's website. (An updated MRE was announced in a news release dated August 25, 2025 and the NI 43-101 Technical Report will be filed shortly)
2 Past production at the Omai Mine (1993-2005) is summarized in several Cambior Inc. documents available on SEDARplus.ca, including March 31, 2006 AIF and news release August 3, 2006.
Elaine Ellingham P.Geo. is a Qualified Person (QP) under NI 43-101 "Standards of Disclosure for Mineral Projects" and has reviewed the technical information contained in this news release. Ms. Ellingham is a director and officer of the Company and is not considered to be independent for the purposes of NI 43-101.
For further information, please see our website www.omaigoldmines.com or contact:
Elaine Ellingham, P.Geo.
President & CEO
elaine@omaigoldmines.com
+1.416.473.5351
Petra Decher, CA,CPA
Chief Financial Officer
pdecher@omaigoldmines.com
+1.416.565.2830
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements or information (collectively, "FLI") within the meaning of applicable Canadian securities legislation.
Generally, FLI can be identified by the use of statements that include words such as "seeks", "believes", "anticipates", "plans", "continues", "budget", "scheduled", "estimates", "expects", "forecasts", "intends", "projects", "predicts", "proposes", "potential", "targets" and variations of such words and phrases, or by statements that certain actions, events or results "may", "will" "could", "would", "should" or "might", "be taken", "occur" or "be achieved." FLI herein includes, but is not limited to, the terms and conditions of the Offering, anticipated regulatory approvals in connection with the Offering, timing of closing of the Offering, stated use of proceeds of the Offering, statements regarding the results of the Omai PEA and timing for an updated PEA, as well as the upgraded mineral resource estimate for the Omai Gold Mine.
All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. For additional information with respect to these and risks, assumptions, and other factors that may affect the FLI made in this press release concerning the Company, please refer to the sections entitled "Cautionary Note Regarding Forward-Looking Information" and "Risk Factors" in the most recent management discussion and analysis of the Company, which is available electronically on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. FLI is not, and cannot be, a guarantee of future results or events. Investors are cautioned not to put undue reliance on forward-looking statements.
The FLI contained in this press release are made as of the date hereof or as at the date of the applicable document only and, accordingly, are subject to change after such dates. The Company disclaims any intent or obligation to update publicly or otherwise revise any FLI or the foregoing list of risks, assumptions or other factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE: Omai Gold Mines Corp.
