Omineca Closes Financing
Cranbrook, British Columbia (FSCwire) - Omineca Mining and Metals Ltd. (TSX-V:OMM) has closed (subject to final regulatory approval) a brokered and non-brokered public offering as originally announced on February 18th, 2016. The financing, originally targeted at $150,000, was taken up by arms-length and non-arms-length investors and consisted of 2,950,00 units for gross proceeds of CDN $147,500. Each unit will consist of a non-flow-through common share and one non-flow-through common share purchase warrant, each whole warrant exercisable at $.10 CDN for a 12 month period. A 7% finders fee was paid on part of the financing.
The common share purchase warrants are subject to an accelerated expiry at the option of the Company if the published closing trade price of the common shares on the TSX Venture Exchange is greater than or equal to $.20 for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30 day period between the notice and the expiration of the common share purchase warrants.
Proceeds from the sale of the units will be used to fund activities related to securing project financing for the Wingdam project, general working capital and to finance exploration of Omineca’s projects in British Columbia.
On behalf of the Board of Directors
Signed,
“Charles C. Downie, P.Geo.”
President
For further information, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: mgl@ominecamining.com or visit our website at http://www.ominecamining.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Omineca03312016.pdf
Source: Omineca Mining and Metals Ltd. (TSX Venture:OMM)
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