Opawica Provides Default Status Report Per National Policy 12-203
LEGAL_37955086.1
3043 – 595 Burrard Street, Vancouver, BC Canada V7X 1L7 T (604) 681-3170, F
(604) 681-3552, [email protected] www.opawica.com
Opawica Provides Default Status Report Per National Policy 12-203
Vancouver, B.C. – January 14, 2021 - Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTC:
OPWEF) (the “Company” or “Opawica”) announces that further to its December 30, 2021 news release
(the “Default Announcement”), its application for a management cease trade order (the “MCTO”) under
National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) was approved by the British
Columbia Securities Commission (“BCSC”) as of December 30, 2021.
In the Default Announcement, the Company announced that it had filed an application seeking the MCTO
from the BCSC because the Company was unable to file its annual financial statements for the year ended
August 31, 2021, including the related management’s discussion and analysis and certifications from the
CEO and CFO (the “ Annual Filings”), prior to the filing deadline of December 29, 2021. The delay in
filing the Annual Filings is due to unforeseen internal delays in the completion of the Company’s audit of
its annual financial statements. The Company changed its auditor to Crowe Mackay LLP (“ Crowe
Mackay”) and continues to work diligently and expeditiously with Crowe Mackay to file the Annual Filings
as soon as possible. The Company expects to file the Annual Filings on or before January 28, 2022.
The MCTO restricts all trading in securities of the Company by the Chief Executive Officer and Chief
Financial Officer of the Company until the MCTO is no longer in effect. The MCTO will be in effect until
the Annual Filings are filed and requires that they be filed on or before February 28, 2022.
The Company confirms that, other than as disclosed in prior press releases and material change reports,
there have been no material business developments since the filing of the Company’s latest interim financial
report.
The Company confirms that since the date of the Default Announcement: (i) there has been no material
changes to the information set out in the Default Announcement that has not been generally disclosed; (ii)
the Company is satisfying and intends to continue to satisfy the provisions of the alternative information
guidelines under NP 12-203; (iii) there has not been any other specified default by the Company under NP
12-203; and (iv) there is no material information concerning the affairs of the Company that has not been
generally disclosed.
About Opawica Explorations Inc.
Opawica Explorations Inc. 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 Québec and in
Central Newfoundland and Labrador. The Company’s management has a great track 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 by either joint venture or sale with industry leaders.
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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.