Omega Pacific Announces Closing of C$1,084,740 Flow-Through Private Placement

VANCOUVER, BC / ACCESSWIRE / July 4, 2024 / Omega Pacific Resources Inc. Ltd. (CSE:OMGA)(FSE:QOF)(OTCQB:OMGPF) ("Omega" or the "Company") is pleased to announce that further to its news release of June 20, 2024, the Company has completed the initial tranche of its non-brokered private placement of flow-through common shares (each a "FT Share") for gross proceeds of C$1,084,740 (the "Offering"). The Offering was comprised of the issuance of an aggregate of 1,485,945 FT Shares, at an issue price of C$0.73 per FT Share.

"We are pleased to see interest and support from strategic investors within the mining investment community. With the initial tranche of our Flow-Through financing now closed, Omega Pacific will start delivering on our exploration goals and milestones," commented CEO Jason Leikam. "We currently have one drilling rig targeting the expansion and extension of the GIC Prospect zone at Williams property and we hope to have preliminary results of our first drill hole in July. It is a very exciting time for the shareholders and stakeholders of Omega Pacific."

The FT shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"). The gross proceeds from the sale of FT Shares will be used to incur "Canadian exploration expenses" at the Williams Property located in northern British Columbia, Canada, and will qualify as "flow-through mining expenditures" as defined under subsection 127(9) of the Tax Act and as "BC flow-through mining expenditures" as defined in subsection 4.721(1) of the Income Tax Act (British Columbia)(collectively, the "Qualifying Expenditures"). The Qualifying Expenditures will be incurred on or before December 31, 2025, and will be renounced to the subscribers with an effective date of no later than December 31, 2024, and as required under the Act.

In connection with the Offering, the Company shall pay to eligible persons finders' fees consisting of $75,932 and 103,281 non-transferable finder's warrants (the "Broker's Warrant"). Of the Broker's Warrants, 95,616 are exercisable at $0.73 per share and 7,665 at $0.80 per share for a period of twelve months.

All securities issued under the Offering are subject to a hold period of four months and one day from the closing date of the Offering, in accordance with the rules and policies of the Canadian Securities Exchange ("CSE") and applicable Canadian securities laws. The Offering remains subject to the final acceptance of the CSE.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.

About Omega Pacific

Omega Pacific is a mineral exploration company focused on the development of mineral projects containing base and precious metals.

For more information, please contact:

Omega Pacific Resources Inc.
Jason Leikam, Chief Executive Officer & Director
Tel: +1 (778) 650 4255
Email: [email protected]

Cautionary Statement

Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company's plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Omega Pacific Resources Inc.