Omai Gold Mines unveils $30 million bought deal financing
Omai Gold Mines Corp. [OMG-TSXV, OMGGF-OTCQB] has announced details of a $30 million bought deal private placement offering. The offering consists of 26.1 million common shares to be issued at $1.15 per share.
In addition, the underwriters have been granted an option to purchase up to 3.9 million additional shares, potentially increasing the gross proceeds by $4.5 million.
The company said net proceeds of the offering, which is expected to close on October 21, 2025, will be used for exploration and development purposes.
On Wednesday, Omai shares eased 5.9% or $0.008 to $1.27. The shares trade in a 52-week range of $1.41 and $0.15.
Omai Gold holds a 100% interest in the Omai prospecting license, which includes the past-producing Omai gold mine in Guyana, and a 100% interest in the adjoining Eastern Flats mining permits.
Omai hosts two orogenic gold deposits, the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit,
In a press release on August 25, 2025, the company released an updated mineral resource estimate for the Omai Gold Property. It includes an expansion of the Wenot Deposit and incorporates the previously disclosed Gilt Creek Deposit.
According to the update, Wenot and Gilt Creek together host an indicated resource of 2.1 million ounces. On top of that is a combined inferred resource of 4.38 million ounces.
Most significantly, the company said the inferred resource at Wenot has risen by 130% to 3.7 million ounces of grade 1.82 g/t gold contained in 63.4 million tonnes. The indicated resource is up 16% to 970,000 ounces of grade 1.46 g/t gold in 20.7 million tonnes.
Omai President and CEO Elaine Ellingham said Omai has the potential to be a multi-decade, world-class gold mining operation.
A preliminary economic assessment (PEA) on the Wenot deposit envisages an open pit operation capable of producing 1.84 million ounces of gold over 13 years with a net present value at 5.0% of US$556 million at a gold price of US$1,950 per ounce. This baseline PEA incorporates only 45% of the property’s mineral resource estimate, and management believes that with additional work, the mine plan can be significantly expanded, the economics enhanced, and the open pit resources further increased
When it was developed as a large scale mine in 1992 by Canadian company Cambior, Omai ranked as the largest gold mine in the Guiana Shield. From 1992 to 2005, it produced 3.7 million ounces of gold at an average grade of 1.5 g/t gold from two open pits. The mine was producing an average of 300,000 ounces of gold annually.
Mining ceased at a time when the average gold price was less than US$400 an ounce. As a brownfields project, the company has said Omai benefits from good road access and a wealth of historical data that provides knowledge of the geology of gold mineralization on the property, as well as metallurgy, historical recoveries and many other relevant mining parameters.