Opawica Explorations Announces $1.2 Million Flow-Through and Non Flow-Through Non-Brokered Private Placements - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - August 17, 2017) - Opawica Explorations (TSXV: OPW), a Canadian base metal exploration company, has announced two non-brokered private placements.
The company plans to raise gross proceeds of up to $400,000 from the issuance of up to 8 million regular units priced at $0.05 per unit. The company also plans to raise up to $800,000 from the issuance of up to 10 million flow-through units priced at $0.08 per unit. Both units consist of one share and one-half a warrant, with the full warrants exercisable at $0.10 for a 12 month period, subject to an acceleration clause.
In addition to accredited investors, the offering is open to current shareholders. The company is also relying on BC Securities Commission exemptions allowing non-accredited investors to purchase the private placement provided they have obtained advice from a registered investment dealer.
Proceeds from the flow-through will be used for exploration on the Bazooka gold property, with the non flow-through proceeds to be used for general working capital.
The company has commenced mobilization of an initial Phase I drill program of up to 4 holes at its 100% owned Bazooka gold property located near Rouyn-Noranda, Quebec. The drill program will consist of one deep hole of approximately 1,000 metres to test for gold mineralization at depth associated with the Cadillac Larder Lake Break and related stratigraphy. The Bazooka property adjoins the Yorbeau Resources — Kinross Gold optioned Rouyn property where up to 22,000 metres of drilling has been completed by Kinross. Some of this drilling has been completed within a few hundred metres of Opawica's eastern boundary.
The shares are trading at $0.075 and with 29.8 million shares outstanding, the company is capitalized at $2.2 million.
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Source: Newsfile Corp.