Cranbrook, BC (pcJ News Briefs) – Omineca Mining and Metals Ltd. (TSX-V: OMM) intends to complete a non-brokered private placement of up to 3,600,000 non-flow-through units at $0.05 per unit for gross proceeds of up to $180,000 and up to 1,400,000 flow-through units at $.05 CDN per unit for gross proceeds of up to $70,000.
Each non-flow-through unit will consist of a non-flow-through common share and one non-flow-through common share purchase warrant, each whole warrant exercisable at $0.10 for a 24 month period. Each flow-through unit will consist of a flow-through common share and one non-flow-through common share purchase warrant, each whole warrant exercisable at $0.15 for a 24 month period.
Proceeds will be used to fund activities related to securing financing for the Wingdam Project, exploration activities and for general working capital purposes.
The financing is expected to close in May 2017.
Omineca’s primary asset is its 100% interest in the Wingdam Gold Project located along Lightning Creek near the Wells-Barkerville area of central British Columbia, 45 km east of Quesnel.
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