Opawica Explorations Inc.

Opawica Explorations Inc.

September 21, 2007 16:52 ET

Opawica Flow Through Private Placement Unit Offering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2007) - Opawica Explorations Inc. (TSX:OPW) ("Opawica" / the "Company") announces that it has settled the terms of a non-brokered Flow Through private placement unit offering consisting of up to 12,000,000 units at $0.08 per unit. Each unit shall consist of one Flow Through Share at $0.08 per share and a non-transferable half share purchase warrant attached to each share. One whole warrant shall entitle the holder to acquire one further share (non-Flow Through) of the Company at $0.09 per share for a one year term. Insiders will subscribe for up to 500,000 units of the offering.

The proceeds from the offering of $ 960,000 will be expended on the Company's Matachewan, Ontario gold-copper property, the Dingman-Madoc, Ontario, gold properties and the Company's Atikwa Lake copper-gold property near Kenora, Ontario. These properties may be viewed on the Company's website at: www.opawica.com

A 10% Finders fee, payable half in cash and half in shares of the Company, is payable to NovaDX Ventures Corp. ("NovaDX") and other agents in connection with part of the offering. In addition, non-transferable compensation warrants of 5% of the units subscribed for will be paid on a portion of the offering. Each compensation warrant will be exercisable into one common share of Opawica at $0.08 per share for a one year term. Furthermore due diligence fees of $60,000, half paid in cash and have paid in 375,000 shares of the Company, is payable to Augen Capital Corp. ("Augen") in connection with the offering. The above noted unit offering and the above fees are subject to regulatory filings and acceptance.

NovaDX (TSX VENTURE:NDX) is a Vancouver based, publicly traded investment firm that provides capital, investment banking, financial and business advisory services to natural resource exploration companies, as well as fund administration services to investment funds and private clients. NovaDX also makes tax-advantaged, flow-through investments through its Canadian Small Cap Resource Funds (CSCRF) subsidiary. For more information see www.novadx.com and CSCRF at www.cscrf.ca.

Based in Toronto, Augen is a merchant bank specializing in the financing of, and investment in, early stage resource companies and is an industry leader in tax-advantaged flow-through investments in Canada's resource sectors. Augen manages a portfolio of emerging resource stocks and several Flow-Through limited partnerships and the Augen Resources Strategy Fund.

Shares Issued: 115,153,867

Stock Options: 9,150,000 @ $0.07

Warrants: 10,212,500 @ $0.07

Restricted Shares: Nil

Contact Information

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