Opawica Explorations Inc. (TSX.V – OPW) Closes 1ST Tranche of Private Placement with the Mineralfields Group
August 12, 2011 NEWS RELEASE
OPAWICA EXPLORATIONS INC. (TSX.V – OPW) CLOSES 1ST TRANCHE OF PRIVATE PLACEMENT WITH THE MINERALFIELDS GROUP
OPAWICA EXPLORATIONS INC. (“Opawica” / the “Company”) (TSX.V – OPW) announces that it has closed a non-brokered private placement of 8,000,000 units at a price of $0.10 per share for gross proceeds of $800,000.00 with the MineralFields Group (the “Private Placement”), being the first tranche of the total private placement announced in its news release of August 4, 2011.
Each unit consists of one flow-through common share and a half warrant attached to each share. One full warrant entitles the holder to purchase one further non-flow through common share of the Company at a price of $0.15 per share until August 12, 2012.
Limited Market Dealer Inc. (the “Finder”) acted as Finder in connection with the Private Placement. The Finder received a commission of $48,000 representing 6% of the gross proceeds raised, and 640,000 Options (the “Finder’s Options”), being 8% of the total number of Units sold under the Private Placement. Each Finder’s Option is exercisable into one non flow-through Unit of the Company (consisting of one non-flow through share and one-half of a Warrant) at a price of $0.10 per unit on or before August 12, 2012. Each whole Warrant entitles the Finder to acquire a further warrant share of the Issuer at a price of $0.15 per share on or before August 12, 2012.
All securities issued in connection with the private placement and finder’s Options are subject to a statutory hold period expiring on December 13, 2011.
About MineralFields Group
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. The sector focus is on gold and precious metals, base metals, rare earths and lithium, potash, uranium, oil, coal and gas. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®, and have raised over $1 billion in their 10 year history.
Proceeds from this private placement will be used to fund exploration and development activities on the Company’s mineral properties in Canada.
FOR FURTHER INFORMATION CONTACT:
Donald (Dan) M. Clark, Chairman Tel: 604-681-3170 Fax: 604-681-3552 Website: www.opawica.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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