December 17, 2024 – Vancouver, BC – (TSXV:OPW) (FSE:A2PEAD) (OTCQB:OPWEF) (the ”Company” or ”Opawica”), is pleased to announce its intention to conduct a non-brokered private placement to raise up to C$1,500,000 (the ”Financing”).
The Financing involves offering units at C$0.25 each (each a ”Unit”). Each Unit comprises one flow-through common share (each, a ”FT Share”) and half a warrant (each, a ”Warrant”). Each whole Warrant allows the holder to purchase one common share (each, a ”Warrant Share”) at C$0.40 within 24 months of the Financing’s closing. Opawica holds a Warrant Acceleration option; it can shorten the Warrant expiry if the Common Share’s daily trading price on the Venture Exchange exceeds C$0.55 for 10 consecutive trading days. All securities issued under the Offering, including Warrants, will have a four-month holding period. (If applicable)
The FT Shares will qualify as “flow-through shares” under subsection 66(15) of the Income Tax Act (Canada). All securities issued under the Financing will be subject to a four-month and one-day hold period from the issuance date.
The securities described here are not, and will not be, registered under the U.S. Securities Act of 1933 or any state securities laws. Therefore, they cannot be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions. This press release is not an offer to sell or a solicitation to buy securities in any jurisdiction.
The net proceeds will fund drilling at the Arrowhead and Bazooka properties in Quebec’s Abitibi gold belt.
The private placement is contingent on receiving all necessary approvals, including TSX-V approval, and executing formal documentation.
Other Information
Regarding the November 25, 2024, news release on the first tranche closing of the October 15, 2024, private placement: the finders’ fees were incorrectly stated as C$18,020 cash and 120,133 share warrants. The correct amount is C$19,580 cash and 130,533 purchase warrants.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a Canadian junior exploration company with precious and base metal properties in Quebec’s Abitibi gold belt. Its management has a strong track record in exploration project discovery and development. The company aims to boost shareholder value by developing exploration properties cost-effectively, acquiring additional properties, and seeking joint ventures or sales with industry leaders.
FOR FURTHER INFORMATION CONTACT:
Blake Morgan
President and Chief Executive Officer
Telephone: 236-878-4938
Info@opawica.com
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for this news release’s accuracy.
Forward-Looking Statements
This news release contains forward-looking statements concerning future events or performance. These reflect management’s current expectations and assumptions. Such statements reflect management’s current beliefs and are based on the Company’s assumptions and currently available information. These statements are not promises or guarantees and are subject to risks and uncertainties. Future results may differ materially due to factors including, but not limited to, market conditions, financing availability, exploration results, environmental risks, metal prices, operating risks, accidents, labor issues, regulatory approvals, and other mining industry risks. All forward-looking statements are qualified by these cautionary statements and those in our continuous disclosure filings on SEDAR plus at www.sedarplus.com. These statements are current as of today, and the Company has no obligation to update them unless required by law.