Opawica Explorations Inc. Closes Final Tranche of $5.28 Million Private Placement with Lead Order from Eric Sprott
3043 – 595 Burrard Street, Vancouver, BC Canada V7X 1L7
T (604) 681 -3170, F (604) 681 -3552, i [email protected]
www.opawica.com
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
OPAWICA EXPLORATIONS INC. CLOSES FINAL TRANCHE OF $5.28 MILLION PRIVATE
PLACEMENT WITH LEAD ORDER FROM ERIC SPROTT
Vancouver, B.C. – June 4, 2021 – Opawica Explorations Inc. (the “Company”) (TSX.V: OPW) is
pleased to announce that further to its news release s of May 12, May 31, June 1 and June 2, 2021, the
Company has completed the Final Tranche of a non-brokered private placement to rais e an additional
$2,159,000, for total gross proceeds of $ 5,288,500 (the “Offering”). The Offering was oversubscribed,
and the Company would like to thank its supporting investors including Eric Sprott who invested
$1,000,000 in the non flow-through Offering.
Blake Morgan, the President and CEO of the Company, commented: “With the large institutional interest
in Opawica, we are poised for an exciting year. We are now fully funded for a 10,000 metre drill program
and have the budget on hand to expand dramatically.”
The Company raised $3,345,500 through the sale of 8,363,750 non flow -through units (“NFT Units”)
priced at $0.40 and $1,943,000 through the sale of 3, 886,000 flow-through units (“FT Units”) priced at
$0.50. Each NFT Unit consists of one common share and one -half of one share purchase warrant, with
each whole warrant exercisable into one further common share at a price of $0.60 for a term of two years.
Each FT Unit consists of one flow -through common share and one half of one share purchase warrant,
with each whole warrant exercisable into one further common share at a price of $0.60 for a term of two
years.
The First Tranche of the Offering consisted of 5,41 1,250 NFT Units and 1,930,000 FT Units for gross
proceeds of $3,129,500. Finder’s fees of $91,425 and 122,312 finder’s warrants exercisable at $0.60 per
common share for a two year term were paid and all securities are restricted from trading until October 1,
2021.
The Final Tranche of the Offering consisted of 2,952,500 NFT Units and 1, 956,000 FT Units for gross
proceeds of $2,159,000. Finder’s fees of $132,550 and 150,000 finder’s warrants exercisable at $0.60 per
common share for a two year term were paid and all securities are restricted from trading until October 5,
2021.
The proceeds from the sale of the flow -through portion of the Offering will be used for exploration
activity on the Compa ny’s 100% owned Bazooka and Arrowhead p roperties located near Rouyn -
Noranda, Quebec, where drilling is expected to commence this year . In addition, a portion of the flow -
through proceeds will be spent on the Company’s mineral property interests in the provi nce of
Newfoundland and Labrador. The proceeds from the sale of the non flow -through portion of the Offering
will be used for project acquisitions and for general working capital.
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About Opawica Explorations Inc.
Opawica is a Canadian mineral explorati on 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 r ecord 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 proper ties and seeking partnerships by eit her 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
Disclaimer for Forward-Looking Information
This new s release includes certain “forward -looking statements” under applicable Canadian securities legislation that are not
historical facts. Forward -looking statements involve risks, uncertainties, and other factors that coul d cause actual results,
performance, prospects, and opportunities to differ materially from those expressed or implied by such forward -looking
statements. Forward -looking statements in this news release include, but are not limited to, statements with resp ect to the
expectations of management regarding the proposed Offering, the expectations of management regarding the use of proceeds of
the Offering, closing conditions for the Offering, and Exchange approval of the proposed Offering. Although the Company
believes that the expectations reflec ted in the forward -looking information are reasonable, there can be no assurance that such
expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual
results, performance or developme nts to differ materially from those contained in the statements including that: the Company
may not complete the Offering on terms favorable to the Company or at all; the Exchange may not approve the Offering; the
proceeds of the Offering may not be used a s stated in this news release; the Company may be unable to satisfy all of the
conditions to the Closing; and those additional risks set out in the Company’s public documents filed on SEDAR at
www.sedar.com. Although the Company believes that the assumptio ns and factors used in preparing the forward -looking
statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this n ews
release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by
law, the Company disclaims any intention or obligation to update or revise any forward -looking statement, whether as a result of
new information, future events, or otherwise.
Neither the TSX Ventur e 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.
THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL
SECURITIES AND THE COMPANY IS NOT SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN.
THESE SECURITIES HAVE NOT BEEN REGISTERED U NDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.