Opawica completes $2-million private placement

Dec 13, 2021

2021-12-13 12:28 ET – News Release

Mr. Blake Morgan reports

OPAWICA CLOSES $2,001,250 FULLY SUBSCRIBED FLOW THROUGH OFFERING

Opawica Explorations Inc., further to its news release of Dec. 7, 2021, has completed its non-brokered private placement for total gross proceeds of $2,001,250. The offering was oversubscribed, and the company would like to thank its supporting investors and shareholders.

Blake Morgan, the president and chief executive officer of the company, commented, “With the large institutional interest in Opawica, we are set up for a very exciting year.”

The company raised $2,001,250 through the sale of 3,638,635 flow-through units priced at 55 cents. Each FT unit consists of one common share and one-half of one share purchase warrant, with each whole warrant is exercisable into one further common share for a term of two years, expiring Dec. 9, 2023. A total of 1,819,317 common share warrants were issued in connection with the offering at an exercise price of 75 cents.

The proceeds from the sale of the flow-through offering will be used for exploration activity on the company’s 100-per-cent-owned Bazooka and Arrowhead properties located near Rouyn-Noranda, Que., where drilling is expected to commence this year.

Finders’ fees of $108,900 cash and 109,091 broker warrants were paid in connection with the Offering in accordance with the TSX Venture Exchange policies and are subject to the final approval of the TSX Venture Exchange. The broker warrants are exercisable into one common share of the company at 55 cents until Dec. 9, 2023.

All shares issued in connection with the offering are subject to a statutory hold period of four months and one day, being April 11, 2022. The offering is subject to the final approval of the TSX-V.

About Opawica Explorations Inc.

Opawica Explorations 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 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.

We seek Safe Harbor.

https://opawica.com/