OPAWICA
EXPLORATIONS INC. INCREASES
OFFERING TO $5 MILLION
Vancouver,
B.C., CANADA – June
1,
2021 --
InvestorsHub NewsWire -- Opawica Explorations Inc. (the
"Company") (TSX.V:
OPW)
is
pleased to
announce
that
due
to tremendous
investor
interest, the Company has increased
the size of its private placement
(the "Offering")
first announced on May 12, 2021 from $4,000,000 to
$5,010,500. The Company anticipates
that it will sell 8,363,750 non
flow-through
units
("NFT
Units") priced at
$0.40 for
gross proceeds of
$3,345,500 and 3,330,000
flow-through units
("FT
Units") priced at
$0.50 for gross proceeds of
$1,665,000.
Each NFT
Unit consists of one common share and one-half
of one
share
purchase warrant,
with each whole warrant exercisable into
one further common
share at a price of $0.60
for
a term
of two
years.
Each FT
Unit consists of one flow-through common share and one half of one
share purchase warrant, with each whole warrant
exercisable into one further common
share at a price of $0.60
for
a term of two
years.
The Company
closed the
First
Tranche
of the Offering on May 31, 2021 for gross
proceeds of $3,129,500 and expects
to close the Final Tranche of the
Offering on June
4,
2021. The
Offering
is subject to the
acceptance of the TSX Venture
Exchange.
About
Opawica Explorations Inc.
Opawica is a Canadian
mineral exploration company with a strong portfolio of precious and
base metal properties
within the Rouyn-Noranda region of the Abitibi
gold
belt in
Quebec and in Central Newfoundland and Labrador. The
Company's management has a great record in discovering and
developing successful exploration projects. The Company's
objective is to increase
shareholder value through the development of exploration
properties using cost-effective exploration practices,
acquiring further exploration properties and seeking partnerships
by either joint venture or sale with industry leaders.
FOR
FURTHER INFORMATION CONTACT:
Blake
Morgan
President
and Chief Executive
Officer
Opawica
Explorations
Inc.
Telephone:
604-681-3170
Fax:
604-681-3552
Disclaimer
for
Forward-Looking Information
This news
release includes
certain "forward-looking statements" under
applicable Canadian securities
legislation
that are not historical
facts. Forward-looking
statements
involve
risks,
uncertainties, and other factors
that
could
cause actual results, performance, prospects, and
opportunities to differ materially from those
expressed or implied by such
forward-looking
statements.
Forward-looking
statements in this
news
release include,
but are
not limited to, statements
with
respect to
the expectations of management regarding the proposed
Offering, the expectations of
management regarding the use of
proceeds of
the
Offering,
closing
conditions for the
Offering, and
Exchange
approval of
the
proposed Offering. Although the
Company
believes that the expectations reflected in the forward-looking
information are reasonable, there can
be no assurance that such
expectations
will prove
to be
correct.
Such forward-looking
statements are
subject
to risks and
uncertainties that may
cause
actual
results, performance or developments to differ materially
from those contained in the statements
including that: the Company
may
not
complete the
Offering
on
terms
favorable to the
Company or at all;
the
Exchange may not
approve the Offering;
the
proceeds of the Offering
may not be used as stated in this news
release; the Company may be unable to
satisfy all of the conditions to
the
Closing;
and those additional
risks set out in the
Company's public
documents
filed on
SEDAR at www.sedar.com.
Although
the
Company believes that the assumptions and factors used in
preparing the forward-looking statements
are reasonable, undue reliance
should
not
be placed on
these statements, which
only apply
as of the
date of
this news release,
and
no assurance can be
given
that such events will occur in the disclosed time frames or
at all. Except where required by law,
the Company disclaims any
intention
or
obligation to
update
or
revise any
forward-looking
statement,
whether as
a result
of new information, future
events,
or otherwise.
Neither the TSX
Venture Exchange nor its
Regulation Services Provider (as that term is
defined in the policies of
the
TSX
Venture Exchange)
accepts
responsibility
for the
adequacy or
accuracy of
this release.
THIS NEWS RELEASE,
REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT
CONSTITUTE AN OFFER TO SELL
SECURITIES AND THE COMPANY
IS NOT SOLICITING AN OFFER TO BUY THE
SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS,
AND MAY NOT BE OFFERED OR SOLD IN
THE UNITED STATES OR TO
U.S. PERSONS UNLESS REGISTERED OR EXEMPT
THEREFROM.