Mr. Blake Morgan reports
OPAWICA EXPLORATIONS ANNOUNCES NON-BROKERED PRIVATE PLACEMENT FOR AGGREGATE PROCEEDS OF CAD $1,500,000
Opawica Explorations Inc. intends to complete a non-brokered private placement of up to 15 million units of the company at a price of 10 cents per unit for aggregate gross proceeds of up to $1.5-million.
Each unit will consist of one common share of the company and one-half of one share purchase warrant, with each whole warrant exercisable to purchase one common share at an exercise price of 20 cents per warrant share at any time up to 24 months following the closing of the offering. The company also maintains a warrant acceleration option allowing Opawica to accelerate the expiry date of the warrants if the daily trading price of the common shares on the TSX Venture Exchange is greater than 30 cents per common share for the preceding 10 consecutive trading days.
The company intends to pay finders' fees in accordance with the policies of the TSX Venture Exchange.
Closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The company intends to use the net proceeds to drill new high-priority drill targets at its Arrowhead property, general working capital and market awareness.
All securities issued under the offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
About Opawica Explorations Inc.
Opawica Explorations is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi gold belt in Quebec. The company's management has a great record in discovering and developing successful exploration projects. The company's objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
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