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.
On September 2, 2014, the Company announced that it has mobilized a trenching and diamond drill program on two separate parts of its 100% optioned Teck Kirkland property located five kilometers northwest of the Town of Kirkland Lake, Ontario. The field program will consist of trenching and the drilling of initially three holes of approximately 200m per hole. For more information on the Teck-Kirkland property, click here.
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). 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.
The Company is engaged in the search for potential joint venture partners, mineral property acquisitions and financings.
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 250,000 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, $37,500 has been paid; 83,332 Shares have been issued; and approximately $450,000 in work expenditures have been incurred as at May 31, 2014.
In October 2012, the Company acquired the option to purchase a 100% interest in four patented mineral claims located near Kirkland Lake in northeastern Ontario, collectively known as the TKL Teck Property. In consideration, the Company will incur $50,000 in work expenditures. The claims are subject to a 2% NSR and 2% Gross Overriding Receipts royalty in favour of the vendor, one-half of which can be purchased by the Company for $1,000,000 cash at any time. The Company shall have the right of first refusal to purchase the remaining one half (1%) royalty.
In order to exercise the Option, Opawica is required to pay Hinterland a total of $125,000, issue it a total of 250,000 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, $37,500 and 83,332 of the Shares have been paid and approximately $437,000 in work expenditures have been incurred as at February 28, 2014.