Opawica Explorations Inc. (“Opawica” / the “Company”) announces that the private placement unit offering announced on April 9, 2008 has closed.
A total of 1,635,000 common shares were issued at $0.80 per share for proceeds of $1,308,000. Each unit is comprised of one common share and one-half of one share purchase warrant entitling the holder to acquire one further common share of the Company at $0.90 per share over a one year term. Insiders of the Company subscribed for a total of 172,500 units of this placement. The proceeds derived from this offering will be used for the Company’s ongoing exploration associated with its Atikwa Lake copper-gold property near Kenora, Ontario and the Dingman gold property in south eastern, Ontario as well for general working capital.
In connection with the offering, agents were paid a total of $71,200 and received 89,000 share purchase warrants to purchase a total of 89,000 common shares of the Company at $0.90 over a one year term.
All of the shares and warrants issued pursuant to the aforesaid private placements are subject to a four-month hold period.
On behalf of the Company,
Donald (Dan) M. Clark, President
For further information, please contact:
Investor Relations
Tel: 604-681-3170 Email: ir@opawica.com Website: www. opawica.com
Forward Looking Statement
About Agoracom
For all Opawica Exploration relations needs, investors are asked to visit the Opawica IR Hub at http://www.agoracom.com/IR/opawica where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to opw@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. We seek safe harbor.