OPW:CC - Opawica Closes Over Subscribed Private Placement
(TheNewswire)
Vancouver, B.C. – TheNewswire - May 24, 2023 - Opawica Explorations Inc.(TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or"Opawica") is pleased to announce that further to its news release of April 17th, 2023, theCompany has conditionally closed its non-brokered private placement of6,379,998 units for total gross proceeds of $638,000 (the“Offering”). The Offering was oversubscribed, and the Companywould like to thank its supporting investors and shareholders.
The proceeds from the offering will be used for generalworking capital. Each of the units consists of one common share andone share purchase warrant which is exercisable at $0.15 for threeyears. The warrants are subject to an acceleration clause which state: Pursuant to the financing, inthe event the Company's share price closed at a price of CAD$0.22 pershare for a period of 10 consecutive trading days on the TSX VentureExchange, the Company may accelerate the term of the Eligible Warrantsto a period of 30 days commencing 7 days after the last premiumtrading day with notice given to the warrant holders in writing or bynews release.
All shares issued in the financing are subject to astatutory holding period. One third of the shares are subject to theminimum of four months and one day hold, one third of the sharesissued are subject to a holding period of eight months and one thirdof the share issued are subject to a hold period of twelve months fromthe date of issue.
A tranche of 4,689,998 units at a price of $0.10 perunit conditionally closed raising gross proceeds of $469,000 to beused for general working capital. Each unit consisted of one commonshare and one common share purchase warrant exercisable at $0.15 for aperiod of three years expiring May 8, 2026. The share issuances aresubject to the hold periods of September 9, 2023, January 8, 2024, andMay 8, 2024.
A tranche of 1,690,00 units at a price of $0.10 perunit conditionally closed raising gross proceeds of $169,000 to beused for general working capital. Each unit consisted of one commonshare and one common share purchase warrant exercisable at $0.15 for aperiod of three years expiring May 19, 2026. The share issuances aresubject to the hold periods of September 20, 2023, January 19, 2024,and May 19, 2024.
No finders’ fees were paid in connection with thefinancing. Completion of the offering is subject to the approval ofthe TSX Venture Exchange.
Blake Morgan, CEO and President states, “With theprivate placement completed we can now move towards defining new drilltargets for the Arrowhead and Bazooka projects in the AbitibiGreenstone Belt, Quebec.”
Over the last 24 months the Opawica team, inconjunction with GoldSpot Discoveries (SPOT), have completed multipleprograms on both properties. With over $4,000,000 invested on ourflagship assets alone and 80% of all our drill holes containing goldfrom low to high grade. The team is confident that with all the newdata we can exceed expectations on our future drill programs to definethese assts. The Agnico Eagle acquisition of Yámana confirms that weare in an extremely high demand region, with multiple active minescontiguous to our claims.
The Company plans to have an update over the comingweeks with a new work program and new drill targets.
About Opawica Explorations Inc.
Opawica Explorations is a junior Canadian explorationcompany with a strong portfolio of precious and base metal propertieswithin the Rouyn-Noranda region of the Abitibi gold belt in Quebec,and in central Newfoundland and Labrador. The company's management hasa great record in discovering and developing successful explorationprojects. The company's objective is to increase shareholder valuethrough the development of exploration properties using cost-effectiveexploration practices, acquiring further exploration properties andseeking partnerships, either joint venture or sale with industryleaders
FOR FURTHER INFORMATIONCONTACT
Blake Morgan
President and Chief Executive OfficerOpawica Explorations Inc.
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor itsRegulation Service Provider (as the term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy ofaccuracy of this news release. Forward-Looking Statements This newsrelease contains certain forward-looking statements, which relate tofuture events or future performance and reflect management’s currentexpectations and assumptions. Such forward-looking statements reflectmanagement’s current beliefs and are based on assumptions made byand information currently available to the Company. Readers arecautioned that these forward-looking statements are neither promisesnor guarantees, and are subject to risks and uncertainties that maycause future results to differ materially from those expectedincluding, but not limited to, market conditions, availability offinancing, actual results of the Company’s exploration and otheractivities, environmental risks, future metal prices, operating risks,accidents, labor issues, delays in obtaining governmental approvalsand permits, and other risks in the mining industry. All theforward-looking statements made in this news release are qualified bythese cautionary statements and those in our continuous disclosurefilings available on SEDAR at www.sedar.com. These forward-lookingstatements are made as of the date hereof and the Company does notassume any obligation to update or revise them to reflect new eventsor circumstances save as required by applicable law.
Copyright (c) 2023 TheNewswire - All rights reserved.