Opawica Explorations Inc.
TSX : OPW

Opawica Explorations Inc.

December 22, 2006 16:58 ET

Opawica Explorations Inc.: Private Placements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 22, 2006) - Opawica Explorations Inc. (TSX:OPW)("Opawica" / the "Company") announces it has settled the terms of two private placements.

The first is a flow-through share private placement consisting of 16,385,713 units offered at $0.07 per unit for proceeds of $1,147,000. Each unit consists of one flow-through share 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 shall subscribe for up to 3,000,000 units of this placement.

In addition, the Company has negotiated a second private placement consisting of 3,614,287 units offered at $0.07 per unit for non-flow through proceeds of $253,000. Each unit consists of one common share 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 shall subscribe for up to 671,430 units of this placement.

The above private placements are subject to the completion of final documentation and TSX approval. Proceeds derived from the private placements shall be applied to the continued exploration of the 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. Due diligence and property review fees of $60,000 are payable in connection with the above private placements.

Furthermore, the Company announces the appointment of Mr. Jonathan Samuda to the board of directors of the Company. Mr Samuda is a director of International Kirkland Minerals Inc. (TSX VENTURE:IKI) and has extensive experience in the field of computer and business financial software and in the day to day management and administration of junior public companies.

Finally, the Company announces that Mark Ralston, C.A., will not be acting as the Company's CFO due to the failure to conclude the requisite documentation required for his appointment. Mr. Paul Antoniazzi will remain as the acting CFO of the Company.

Warrants: Nil

Shares Issued: 81,253,867

Stock Options: 7,032,000 @ $.10 to $.15

Restricted Shares: Nil

Contact Information

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