Opawica Explorations Inc.
TSX : OPW

Opawica Explorations Inc.

December 27, 2007 17:12 ET

Opawica Explorations Inc.: Two Private Placement Unit Offerings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 27, 2007) - Opawica Explorations Inc. ("Opawica" / the "Company") (TSX:OPW) announces it has settled the terms of two private placements, subject to the completion of final documentation and TSX approval.

The first private placement is a flow-through offering consisting of 1,000,000 units at $0.36 per unit for proceeds of $360,000. Each unit consists of one "flow-through" common share with a share purchase warrant attached to each share. Each warrant entitles the holder to acquire one further (non-flow-through) common share of the Company at $0.36 per share over a one year term. Insiders of the Company will subscribe for 544,000 units of this placement. The proceeds derived from this offering will be applied to qualified CEE expenditures in respect of the Company's ongoing exploration associated with its Atikwa Lake copper-gold property near Kenora, Ontario, as well as the Company's Matachewan gold properties in north eastern Ontario and the Madoc gold properties in south eastern, Ontario.

In addition, the Company has negotiated a second private placement consisting of 1,000,000 non-flow-through units offered at $0.30 per unit for non-flow through proceeds of $300,000. Each unit consists of one common share with one share purchase warrant attached to each share exercisable over a two year term. Each warrant entitles the holder to acquire one further common share of the Company at $0.36 per share during the first year or at $0.40 during the second year. Insiders of the Company will subscribe for up to 600,000 units of the second private placement. This private placement is subject to applicable shareholder approval. The proceeds derived from this offering will be applied to unallocated working capital.

All of the shares and warrants issued pursuant to the aforesaid private placements are subject to a four-month hold.

Warrants: 1,714,781 @ $0.08 and $0.09

Shares Issued: 13,495,918

Stock Options: 885,000 @ $0.07 and $0.09

Restricted Shares: 1,900,531

Contact Information

  • Opawica Explorations Inc.
    Dan M. Clark
    President
    (604) 681-3170
    (604) 681-3552 (FAX)
    Website: www.opawica.com