Opawica Explorations Inc. Announces Private Placement and AGM
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 Explorations Inc. Announces Private Placement and AGM
Vancouver, B.C. – April 17th, 2023 - Opawica Explorations Inc. (TSXV: OPW)
(FSE:A2PEAD) (OTC: OPWEF) (the "Company" or "Opawica") is pleased to announce a
proposed private placement offering to raise total gross proceeds of up to $600,000 (the
“Offering”).
Opawica intends to undertake a non-brokered private placement (the " Private Placement")
of up to 5,400,000 million units of securities of the Company (" Units") at a purchase price of
$0.10 per Unit for aggregate gross proceeds of $600,000. Each Unit will be comprised of one
common share in the capital of the Company (a "Common Share") and one whole Common
Share purchase Warrant. Each whole warrant will entitle the holder to purchase one additional
Common Share (a "Warrant Share") at an exercise price of $0.15 at any time up to 36 months
following issuance. The Common Shares will have a staggered release of four (4) months and
one (1) day, eight (8) months, and twelve (12) months following date of issuance and the
Warrant Shares will have an acceleration clause.
Proceeds will be used for general working capital and, more importantly, to define new drill
targets on the Company’s wholly owned, Arrowhead and Bazooka properties, located near
Rouyn-Noranda, Quebec. Opawica will continue to work with GoldSpot Discoveries (SPOT)
to define these drill targets using the huge amounts of data generated over the past 24 months.
Furthermore, Opawica Explorations is awaiting on accounts receivable related to GST, HST
and QST rebates totaling over $450,000.
Insiders may participate in the placement and, as such, t heir participation in the Private
Placement is a related- party transaction under Multilateral Instrument 61- 101 Protection of
Minority Security Holders in Special Transactions.
Finders’ fees in connection with the Offering may be payable in accordance with the policies
and subject to the approval of the TSX Venture Exchange (“TSXV”). All Shares issued i n
connection with the Offering will be subject to a statutory hold period of four months and one
day after closing of the Offering, eight months, and twelve months following the date of
issuance. Completion of the Offering is subject to the final approval of the TSXV. Any
participation by insiders in the Offering will constitute a related party transaction under
Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions
(“MI 61-101”) but is expected to be exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101.
None of the securities sold in connection with the Offering will be registered under the United
States Securities Act of 1933, as amended, and no such securities may be offered or sold in
the United States absent registration or an applicable exemption fro m the registration
requirements. This news release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be 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 Annual General Meeting, which is scheduled to
take place on July 31, 2023 in Vancouver, B.C. Further details will be released closer to the
meeting date.
About Opawica Explorations Inc.
Opawica Explorations is a j unior 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 di scovering 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.
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 governm ental 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.c om. 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.