Opawica Closes Over Subscribed Private Placement
488 – 62 5 Howe Street, Vancouver, BC Canada V 6C 2T6
T (604) 681- 3170, F (604) 681- 3552, [email protected]
www.opawica.com
Opawica Closes Over Subscribed Private Placement
Vancouver, B.C. – 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, the Company has conditionally closed its non-brokered private
placement of 6,379,998 units for total gross proceeds of $638,000 (t he “Offering”). The
Offering was oversubscribed, and the Company would like to thank its supporting investors
and shareholders.
The proceeds from the offering will be used for ge neral working capital. Each of the units
consists of one common share and one share purchase warrant which i s exercisable at $0.15
for three years. The warrants are subject to an acceleration clause which state: Pursuant to the
financing, in the event the Company's share price closed at a price of CAD$0.22 per share for
a period of 10 consecutive trading days on the TSX Venture Exchange, the Company may
accelerate the term of the Eligible Warrants to a period of 30 days commencing 7 days after
the last premium trading day with notice given to the warrant holders in writing or by news
release.
All shares issued in the financing are subject to a statutory holding period. On e third of the
shares are subject to the minimum of four months and one day hold, one third of the shares
issued are subject to a holding period of eight months and one third of the share issued are
subject to a hold period of twelve months from the date of issue.
A tranche of 4,689,998 units at a price of $0.10 per unit conditionally closed raising gross
proceeds of $ 469,000 to be used for general working capital. Each unit consi sted of one
common share and one common share purchase warrant exercisable at $0.15 for a period of
three years expiring May 8, 2026. The share issuances are subject to the hold periods of
September 9, 2023, January 8, 2024, and May 8, 2024.
A tranche of 1,690,00 units at a price of $0.10 per unit conditionally closed raising gross
proceeds of $ 169,000 to be used for ge neral working capital. Each unit consisted of one
common share and one common share purchase warrant exercisable at $0.15 for a p eriod of
three years expiring May 19, 2026. The share issuances are subject to the hold periods of
September 20, 2023, January 19, 2024, and May 19, 2024.
No finders’ fees were paid in connection with the financing. Completion of the offering is
subject to the approval of the TSX Venture Exchange.
Blake Morgan, CEO and President states, “With the private placement completed we can now
move towards defining new drill targets for the Arrowhead and Bazooka projects in the Abitibi
Greenstone Belt, Quebec.”
Over the last 24 months the Opawica team, in conjunction with GoldSpot Discoveries (SPOT),
have completed multiple programs on both properties . With over $4,000,000 invested on our
flagship assets alone and 80% of all our drill holes containing gold from low to high grade. The
team is confident that with all the new data we can exceed expectations on our future drill
programs to define these assts. The Agnico Eagle acquisition of Yámana confirms that we are
in an extremely high demand region, with multiple active mines contiguous to our claims.
The Company plans to have an update over the coming weeks with a new work program and
new drill targets.
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, and in central Newfoundland and Labrador. 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, either joint venture or sale with industry leaders
FOR FURTHER INFORMATION CONTACT
Blake Morgan
President and Chief Executive Officer Opawica Explorations Inc.
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of
accuracy of this news release. Forward-Looking Statements This news release contains certain
forward-looking statements, which relate to future events or future performance and reflect
management’s current expectations and assumptions. Such forward-looking statements reflect
management’s current beliefs and are based on assumptions made by and information currently
available to the Company. Readers are cautioned that these forward -looking statements are
neither promises nor guarantees, and are subject to risks and uncertainties that may cause future
results to differ materially from those expected including, but not limited to, market conditions,
availability of financing, actual results of the Company’s exploration and other activities,
environmental risks, future metal prices, operating risks, accidents, labor issues, delays in
obtaining governmental approvals and permits, and other risks in the mining industry. All the
forward-looking statements made in this news release are qualified by these cautionary
statements and those in our continuous disclosure filings available on SEDAR at
www.sedar.com. These forward -looking statements are made as of the date hereof and the
Company does not assume any obligation to update or revise them to reflect new events or
circumstances save as required by applicable law.