… after takeover of Avalon Investment Holdings Inc
Following its takeover of Avalon Investment Holdings Inc, a private Barbadian corporation with an interest in a mineral property in Guyana, Omai Gold Mines Corp now has a new Board of Directors with its President and Chief Executive
Omai Gold Mines Corp President and CEO Mario Stifano
Officer (CEO) being Mario Stifano, who has headed seven different companies.
The Board will also be benefiting from the expertise of Directors Denis Clement, Adam Spencer and Paul Fornazzari; Executive Director and Founder Harvey McKenzie; Chief Financial Officer and Secretary Denis LaPoint; Vice President of Exploration, Jason Brewster and Vice President of Operations, Nadine Miller.
Trade in Omai’s common shares, on the TSX Venture Exchange, were halted on May 24, 2019, at the Corporation’s request pending the completion of the transaction and receipt of final approval of the Exchange. In connection with closing the transaction, the common shares of Omai will be listed on Tier 2 of the Exchange under the trading symbol “OMG”, subject to final approval of the Exchange.
The company said it would issue a further press release advising when Exchange final approval has been received and the expected date for the Omai shares to recommence trading on the Exchange. Concurrently with the closing of the transaction, Omai changed its name to Omai Gold Mines Corp, and consolidated its common shares on the basis of one post-consolidation common share for 15 pre-consolidation common shares. On closing of the transaction, the Avalon shareholders were issued 189,869,799 Omai shares.
On closing of the transaction, James Franklin, Michael Florence and John Sadowski resigned as Directors of the Company and Jason Brewster resigned as President and CEO of the Company. Clearhouse LLP, Chartered Accountants will continue as the auditors of Omai. In July 2020, Avalon Investment Holdings Ltd, the holder of an indirect 100 per cent interest in the Omai Gold Mine in Guyana, announced that it had completed a non-brokered private placement financing for aggregate proceeds of US$4,500,000.
Under the terms of the financing, Avalon issued 30,000,000 common shares of Avalon to a subsidiary of Silvercorp Metals Inc at a price of US$0.15 per common share. Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. Avalon is a private gold exploration company focused on gold projects in Guyana. The company’s flagship gold project is the famous Omai Gold Mine, which it acquired from the Government of Guyana in 2018.
