OPW:CC - Opawica Explorations Inc. Announces Private Placement and AGM
(TheNewswire)
Vancouver, B.C. – TheNewswire - April 17 th , 2023 - Opawica ExplorationsInc. (TSXV:OPW)(FSE:A2PEAD) (OTC:OPWEF) (the " Company " or " Opawica ") is pleased to announce aproposed private placement offering to raise total gross proceeds ofup to $600,000 (the “ Offering ”).
Opawica intends to undertake a non-brokered privateplacement (the " PrivatePlacement ") of up to 5,400,000 millionunits of securities of the Company (" Units ") at apurchase price of $0.10 per Unit for aggregate gross proceeds of$600,000. Each Unit will be comprised of one common share in thecapital of the Company (a " Common Share ") and one whole Common Sharepurchase Warrant. Each whole warrant will entitle the holder topurchase one additional Common Share (a " Warrant Share ")at an exercise price of $0.15 at any time up to 36 months followingissuance. The Common Shares will have a staggered release of four (4)months and one (1) day, eight (8) months, and twelve (12) monthsfollowing date of issuance and the Warrant Shares will have anacceleration clause.
Proceeds will be used for general working capital and,more importantly, to define new drill targets on the Company’swholly owned, Arrowhead and Bazooka properties, located nearRouyn-Noranda, Quebec. Opawica will continue to work with GoldSpotDiscoveries (SPOT) to define these drill targets using the hugeamounts of data generated over the past 24 months. Furthermore,Opawica Explorations is awaiting on accounts receivable related toGST, HST and QST rebates totaling over $450,000.
Insiders may participate in the placement and, as such,their participation in the Private Placement is a related-partytransaction under Multilateral Instrument 61-101 Protection ofMinority Security Holders in Special Transactions.
Finders’ fees in connection with the Offering may bepayable in accordance with the policies and subject to the approval ofthe TSX Venture Exchange (“TSXV”). All Shares issued in connectionwith the Offering will be subject to a statutory hold period of fourmonths and one day after closing of the Offering, eight months, andtwelve months following the date of issuance. Completion of theOffering is subject to the final approval of the TSXV. Anyparticipation by insiders in the Offering will constitute a relatedparty transaction under Multilateral Instrument 61-101 - Protection ofMinority Security Holders in Special Transactions (“MI 61-101”)but is expected to be exempt from the formal valuation and minorityshareholder approval requirements of MI 61-101.
None of the securities sold in connection with theOffering will be registered under the United States Securities Act of1933, as amended, and no such securities may be offered or sold in theUnited States absent registration or an applicable exemption from theregistration requirements. This news release shall not constitute anoffer to sell or the solicitation of an offer to buy nor shall therebe any sale of the securities in any jurisdiction in which such offer,solicitation or sale would be unlawful.
The Company would also like to announce its AnnualGeneral Meeting, which is scheduled to take place on July 31, 2023 inVancouver, B.C. Further details will be released closer to the meetingdate.
About Opawica ExplorationsInc.
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 developingsuccessful exploration projects. The company's objective is toincrease shareholder value through the development of explorationproperties using cost-effective exploration practices, acquiringfurther exploration properties, and seeking partnerships by eitherjoint venture or sale with industry leaders.
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.