OPAWICA
EXPLORATIONS INC. CLOSES
FINAL
TRANCHE OF $5.28
MILLION
PRIVATE
PLACEMENT WITH
LEAD ORDER FROM ERIC SPROTT
Vancouver,
B.C. – June
4,
2021
–
InvestorsHub NewsWire -- Opawica
Explorations
Inc. (the "Company")
(TSX.V: 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
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
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.
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.
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