Base Metals

(TheNewswire)



Vancouver, B.C. TheNewswire - June 4, 2021 Opawica Explorations Inc. (the "Company") (TSXV:OPW) is pleased to announce that further to its news releases 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 raise 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 5,411,250 NFT Units and 1,930,000 FT Units for gross proceeds of $3,129,500. Finder's fees of $91,425 and 122,312 finde r'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 Company's 100% owned Bazooka and Arrowhead properties 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 province 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.

Sandra Wong, the Chief Financial Officer of the Company, subscribed for 50,000 FT Units. This participation constitutes a "related party transaction" for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying upon exemptions from the requirement to obtain a formal valuation and seek minority shareholder approval for the Offering on the basis that the fair market value of the participation by related parties in the Offering is less than 25% of the Company's current market capitalization.

About Opawica Explorations Inc.

Opawica is a Canadian mineral 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 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

Disclaimer for Forward-Looking Information

This news 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 could 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 respect 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 reflected 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 developments 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 as 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 assumptions 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 news 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 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.

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 UNDER 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.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Copyright (c) 2021 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

opawica explorations

Opawica Explorations


Keep reading...Show less

Lundin Mining Announces Updated Share Capital and Voting Rights

Lundin Mining Logo (CNW Group/Lundin Mining Corporation)

 (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Alvo Minerals

Alvo Minerals: Quarterly Activities Report For The Period Ending 30 June 2022

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the Company) is pleased to provide its Quarterly Activities Report for the period ending 30 June 2022. All dollar amounts are A$ unless stated otherwise. Alvo is exploring its Palma VMS Project in Brazil (“Palma Project” or the “Project), a project that has significant copper and zinc potential in brownfields prospects within a district scale exploration package of highly prospective tenure.

Keep reading...Show less

Ero Copper Publishes 2021 Sustainability Report

Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce the publication of its 2021 Sustainability Report (the "Report"). The Report provides an update on the Company's strategy, practices, performance and management approach to key environmental, social and governance ("ESG") topics. The Report is available on Ero's website ( www.erocopper.com ).

"This Report showcases the excellent work being performed on sustainability across our organization as well as our commitment to clear and transparent disclosure for all of our stakeholders," said David Strang, Ero's Chief Executive Officer. "This is our third annual sustainability report, and I'm pleased that each year we have meaningfully enhanced our disclosure. Of note, this year we have provided broader quantitative data on our health and safety performance, greenhouse gas ("GHG") emissions and intensity as well as the economic value generated and distributed in the regions we operate. In particular I'd like to highlight our favorable position as one of the lowest GHG intensive copper and gold producers in the world driven by Brazil's leadership in renewable energy combined with the high-grade nature of our mines. Although we are proud of our relative positioning, we believe that we can continue to improve our GHG emissions intensity and are committed to providing GHG emissions targets in our 2022 Sustainability Report.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
"gold analysis" -"apple" -"farm" -"game" -"gaming" -"medal" -"olympics" -"sport" -"world of warcraft" -"wow"

Interra Copper Closes $110,000 Private Placement

Interra Copper Corp. (CSE: IMCX, OTCQB: IMIMF, FRA: 3MX) ("Interra" or the "Company") is pleased to announce that, further to its news release of July 22, 2022, it has closed its non-brokered private placement ("Private Placement") issuing an aggregate of 220,000 common shares in its capital (the "Shares") at a price of $0.50 per Share for gross proceeds of $110,000.

Proceeds from the sale of the Shares will be used for general corporate purposes (working capital) and to maintain a strong treasury balance for the balance of 2022.

Keep reading...Show less
Comet Resources

Comet Resources Quarterly Activities Report – June 2022

Comet Resources Limited (Comet or the Company) (ASX:CRL), is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 30 June 2022 (the Quarter).

Keep reading...Show less
Cyprium Metals

Cyprium Metals Quarterly Activities Report - June 2022

For the period ending 30 June 2022

Cyprium Metals Limited (ASX: CYM) (“Cyprium” or the “Company”) is pleased to provide the following overview of the Company’s activities for the June 2022 quarter.

Keep reading...Show less

Latest Press Releases

Related News

×