Opawica Explorations Inc.
TSX : OPW

Opawica Explorations Inc.

January 02, 2007 15:17 ET

Opawica Closes Private Placements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 2, 2007) - Opawica Explorations Inc. ("Opawica" / the "Company") (TSX:OPW) announces that on December 29, 2006 it has closed the two previously announced private placements as follows.

A flow-through share private placement consisting of 16,502,856 units at $0.07 per unit for proceeds of $1,155,200. Each unit consists of one flow-through share at $0.07 and a half share purchase warrant attached to each share. One whole warrant entitles the holder to acquire one further non-flow through share of the Company at $0.07 per share over a one year term. Insiders of the Company subscribed for 2,524,286 units of this placement.

In addition, the second private placement consisting of 3,797,144 non-flow through units at $0.07 per unit for proceeds of $265,800 has also closed. Each unit consists of one common share at $0.07 and a half share purchase warrant attached to each share. One whole warrant entitles the holder to acquire one further common share of the Company at $0.07 per share over a one year term. Insiders of the Company subscribed for 497,144 units of this placement.

All of the above half share purchase warrants in both placements are subject to shareholder approval at the Company's upcoming Annual General Meeting on February 28, 2006. Proceeds derived from the private placements shall be applied to the continued exploration of the Atikwa Lake copper-gold property near Kenora, Ontario, the Company's Matachewan gold properties in north eastern Ontario, and the Madoc gold properties in south eastern, Ontario. Due diligence and property review fees of $60,000 are due in connection with the above placements. In addition, in connection with the above placements a finder's fee in the amount of $8,750 has been paid and 62,500 share purchase warrants, exercisable into 62,500 common shares of the Company at $0.07 per share for a one year term, is payable upon shareholder consent pertaining to the 62,500 warrants.

Shares Issued: 101,553,867

Stock Options: 7,282,000 @$.10 to $.15

Warrants: 10,150,000 @$0.07 (pending)

Restricted Shares: 20,300,000

Contact Information

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