Opawica Explorations Inc. was incorporated under the Business Corporations Act (Ontario) on September 17, 1975 and was continued into British Columbia by Certificate of Continuation issued under the Business Corporations Act (British Columbia) on September 29, 2006. The Company is listed as Tier 2 mining issuer on the TSX Venture Exchange under the symbol "OPW". The Company is a junior resource company engaged in the acquisition, exploration and evaluation of gold and base metal mineral properties in Canada. As at the date hereof, the Company owns, or has the right to own, subject to certain royalties, up to a 100% interest in each of the following mineral resource properties in Ontario and Yukon Territory, Canada:
- Teck-Kirkland Property - 46 mineral claims covering an area of 1,250 hectares comprise this copper and gold prospect located near Kirkland Lake in northeastern Ontario.
- TKL Teck Property - four patented mineral claims located near Kirkland Lake in northeastern Ontario.
- Yukon Bro Property - massive sulphide, silver, lead, zinc property with exploration potential for gold and copper, located 120 km southeast of Faro, Yukon Territory.
At the Company's Extraordinary General Meeting held on December 18, 2013, shareholders approved a consolidation of the Company's common shares on the basis of one (1) post-consolidation common share for every twelve (12) pre-consolidated shares held (the "Consolidation"). Following the Consolidation, the Company had 8,458,974 shares issued and outstanding. The Consolidation was approved by the TSX Venture Exchange and commenced trading on a post-consolidation basis effective December 24, 2013.
On December 27, 2013, the Company closed a post-consolidation private placement of 2,000,000 flow-through units (the "FT Units") and 2,000,000 non flow-through units (the "NFT Units") for total proceeds of $200,000. Each FT Unit and NFT Unit was priced at $0.05 and is comprised of a share and a warrant exercisable at $0.06 for a term of two years (in the case of the FT Units) and five years (in the case of the NFT Units). All securities issued in the private placement are subject to a hold period expiring April 28, 2014. The proceeds from the sale of the FT Units will be used for exploration activity on the Teck gold property, while the proceeds from the sale of the NFT Units will be used for general working capital.
On December 30, 2013, the Company announced that it will hold an annual meeting of shareholders on March 6, 2014 (the "Meeting"). The record date for the shareholders entitled to vote at the Meeting has been set as shareholders of record as at the close of business on January 24, 2014.
The Company is engaged in the search for potential joint venture partners, mineral property acquisitions and financings.
Vancouver, British Columbia: Further to its news releases of June 19, 2012, July 30, 2012, and September 28, 2012, Opawica Explorations Inc. (TSX.V: OPW) ("Opawica") is pleased to announce that it has closed the sale of its Atikwa Lake, Whitesides Carscallen and Golden Properties, all located in Ontario, to San Gold Corporation (TSX: SGR) ("San Gold"). As consideration therefore, San Gold has issued 9,925,000 shares of San Gold to Opawica. These shares are subject to a hold period expiring on January 29, 2013.
Opawica will now focus its exploration efforts on its 100% owned Bro property in the Yukon and the recently optioned Teck-Kirkland property near Kirkland Lake, Ontario (see news release of September 14, 2012).
In September 2012, Opawica entered into an agreement (the "Agreement") with Hinterland Metals Inc. (TSXV: HMI) ("Hinterland") where it has been granted an option (the "Option") to acquire a 100% interest in 46 mineral claims located near Kirkland Lake in northeastern Ontario, collectively known as the Teck-Kirkland Property (the "Property"). Various of the claims are subject to certain underlying royalties and a portion of the Property is subject to a 2% NSR in favour of Hinterland, one-half of which can be purchased by Opawica for $1,000,000 within five years of the date the Agreement is accepted by TSX Venture Exchange (the "Acceptance Date").
In order to exercise the Option, Opawica is required to pay Hinterland a total of $125,000, issue it a total of 3,000,000 shares of Opawica (the "Shares") and incur a total of $1,000,000 in work expenditures, all over a period expiring November 30, 2016. Of these amounts, $25,000 and 150,000 of the Shares have been paid and the initial $125,000 of the work expenditures are to be incurred prior to November 30, 2013. These payments and expenditures constitute a firm commitment of Opawica.