Opawica Explorations Inc.
TSX : OPW

Opawica Explorations Inc.

December 29, 2006 12:19 ET

Opawica Increases Size of Private Placements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 29, 2006) - Opawica Explorations Inc. ("Opawica" / the "Company")(TSX:OPW) announces it has amended the terms of two private placements announced by the Company on December 22, 2006 as follows.

A flow-through share private placement consisting of 16,385,713 units at $0.07 announced on December 22, 2006 per unit shall now be 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 shall subscribe for 2,524,286 units of this placement.

In addition, the Company has amended the second private placement announced on December 22, 2006 consisting of 3,614,287 units (non-flow through) at $0.07 per unit and shall now be for 3,797,144 non-flow through units at $0.07 per unit for proceeds of $265,800. 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 shall subscribe for 497,144 units of this placement.

The above private placements are subject to TSX approval and the half share purchase warrants are also subject to shareholder approval. 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 finders fee in the amount of $8,500 and up to 75,000 share purchase warrants, exercisable into 75,000 common shares of the Company at $0.07 per share for a one year term, are payable after closing of the placements and upon shareholder consent pertaining to the 75,000 warrants.

Warrants: Nil

Shares Issued: 81,253,867

Stock Options: 7,282,000 @$.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