03:32 PM EST, 12/23/2024 (MT Newswires) -- Omineca Mining and Metals ( OMMSF ) Monday closed a brokered private placement offering for aggregate gross proceeds of approximately $2.4 million from the issuance of 43.63 million flow-through units of the company, at a price of $0.055 per FT unit.

A statement noted each FT unit is comprised of one common share of the company that will qualify as "flow-through shares" and one purchase warrant of the company. Each warrant shall entitle the holder thereof to purchase one common share at an exercise price of $0.10 for a period of 36 months from closing.

Gross proceeds from the sale of FT units will be used for exploration expenses incurred during the company's ongoing drilling and exploration program at Wingdam, in British Columbia.

OMM was last seen down $0.005 at $0.07.