banner

Welcome To Opawica Explorations Inc.

Opawica Explorations Inc. (the “Company”)(TSX.V: OPW) 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, subject to certain royalties, a 100% interest in each of the following mineral resource properties in Canada:

  • Arrowhead Property - gold property consisting of 15 mineral claims in two non- continuous claim blocks totalling 312.4 hectares, located in the Beauchastel Township approximately 7 km southwest of Rouyn Noranda, Quebec.

  • Bazooka Property - gold property consisting of 19 mineral claims in a continuous claim block totalling 400.76 hectares, located in the Joannes Township approximately 30 km east of Rouyn Noranda, Quebec.

  • McWatters Property - gold property consisting of 12 mineral claims totalling 404.17 hectares, located near Rouyn Noranda, Quebec.

  • 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.

The Company is engaged in the search for potential joint venture partners, mineral property acquisitions and financings.


PROPERTY ACQUISITION, PRIVATE PLACEMENT, AND SHARE CONSOLIDATION

On June 27, 2016, the Company closed the purchase and sale agreement dated February 25, 2016 between the Company and Investissements Gema Inc. (“Gema”), whereby the Company will acquire a 100% interest, subject to retained royalties, in the Bazooka, McWatters and Arrowhead claims located in northern Quebec, Canada (the “Properties”) (the “Property Transaction”). Consideration for the Property Transaction is 3,870,000 common shares of the Company, of which 1,000,000 of the shares are issued to RT Minerals Corp., a company with common directors to the Company. As a result of the 2,870,000 shares issued to Gema for the Property Transaction, Gema has acquired 13.33% ownership of the Company. The shares are subject to a hold period expiring October 28, 2016.

As a condition to completing the Property Transaction, the Company has closed a unit private placement to raise gross proceeds of $600,000 (the “Offering”). The Company raised $550,000 through the sale of 550 mixed flow-through and non flow-through units priced at $1,000 (the “FT/NFT Units”) and $50,000 through the sale of 1,000,000 non flow-through units priced at $0.05 (the “NFT Units”). Each FT/NFT Unit consists of 11,667 flow-through common shares, 8,333 non flow-through common shares, and 20,000 share purchase warrants exercisable at a price of $0.06 for a term of five years. The FT/NFT Unit pricing is equivalent to $0.05 per share and a whole warrant attached to each share that is exercisable into one further common share at a price of $0.06 for a term of five years. Each NFT Unit consists of one common share and one share purchase warrant exercisable at a price of $0.06 for a term of five years. Insiders purchased 17 FT/NFT Units which is equivalent to 340,000 shares and 340,000 warrants. All securities issued in the Offering are subject to a hold period expiring October 28, 2016.

The proceeds from the sale of the flow-through portion of the Offering are $320,843 and will be used towards recommended exploration programs on the Bazooka property, and on exploration programs thereafter as recommended by the Company’s Qualified Persons. The proceeds from the sale of the non flow-through portion of the Offering will be used for general working capital.

A further condition to closing the property transaction was the consolidation of the Company’s share capital on a 4 old for 1 new basis (the “Consolidation”). The Consolidation was approved by the board of directors in accordance with the Company’s Articles, received the approval of the TSX Venture Exchange, and became effective at the opening of markets on March 18, 2016.

In addition to relying upon other available prospectus exemptions to effect the private placement, the Company intends to rely upon BC Instrument 45-536 (distribution through an investment dealer).

NI 43-101 technical reports on the Bazooka property dated March 20, 2016 and the Arrowhead property dated March 20, 2016 have been filed on SEDAR at www.sedar.com.

Closing of the Placement is subject to acceptance by the TSXV. If the Placement does not close by May 31, 2016, the Property Transaction may not proceed.


DIRECTOR APPOINTMENT

The Company has appointed Mr. Philippe Havard, Ing. Jr., to the Board of Directors. Mr. Havard is a shareholder of Investissements Gema Inc.


 

LATEST NEWS