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Opawica Explorations Inc. (the "Company") (TSXV:OPW) is pleased to announce that with reference to its news release of June 1, 2021, the Company is expanding the flow-through portion of its private placement (the "Offering") to sell an additional 1,956,000 flow-through units ("FT Units") priced at $0.50 for additional gross proceeds of $978,000 in flow-through funds to be raised in the Final Tranche
The total Offering is now expected to raise gross proceeds of $5,288,500 through the sale of 8,363,750 non flow-through units ("NFT Units") priced at $0.40 and 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 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 subject to completion of the Offering. 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.
The Company closed the First Tranche of the Offering on May 31, 2021 for gross proceeds of $3,129,500 and expects to close the Final Tranche of the Offering on or around June 4, 2021. The Offering is subject to the acceptance of the TSX Venture Exchange.
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
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