Opawica Announces Changes to Private Placement
08 Novembre 2011 - 1:13AM
Marketwired
Opawica Explorations Inc. (TSX VENTURE:OPW) ("Opawica" or the
"Company") Further to its news release of October 5, 2011, the
Company announces certain amendments to the terms of the private
placement disclosed in this earlier release (the "Private
Placement"). In accordance with the policies of the TSX Venture
Exchange, the exercise price of the warrants issuable in the
Private Placement will be $0.10, with the term of the warrants
continuing to be 24 months. The size of the Private Placement has
also been reduced to 40,800,000 units at $0.05 per unit for total
proceeds of $2,040,000. Winston Mining L.P. will subscribe for
30,000,000 units for subscription proceeds of $1,500,000 and, in
this regard, the Company has waived the condition precedent to
closing as detailed in the October 5, 2011 news release that
Winston Mining L.P. have raised $5,000,000 for the purposes of
subscribing to the Private Placement. The Private Placement was
reduced as a result of advice received that the Private Placement
as originally structured would have negative implications to the
Company as it would cause the Company to become a "domestic issuer"
under U.S. securities laws.
All other terms of the Private Placement remain unchanged.
Closing of the Private Placement remains subject to all requisite
regulatory approvals and consents as well as subject to shareholder
approval to the change of control which would be brought about by
the issuance of units to Winston Mining L.P. Shareholder approval
will be sought at a shareholders meeting of the Company scheduled
for December 15, 2011.
In the interim the Company announces that it intends to proceed
with a further private placement (the "Interim Private Placement")
of 3,000,000 units at $0.05 per unit, for total proceeds of
$150,000, to be applied to general working capital. Each unit in
the Interim Private Placement will also consist of one share and
one share purchase warrant, having an exercise price of $0.10 and a
term of 24 months. Insiders may purchase some of the units offered
in the Interim Private Placement. The Interim Private Placement
remains subject to the acceptance of the TSX Venture Exchange.
OPAWICA EXPLORATIONS INC.
Opawica is a Canadian mineral exploration company that has been
operating as such for over 30 years. The Company owns 100% of the
Atikwa Lake project near Kenora, Ontario, and may acquire up to
100% of the Cascallen-Whitesides property in the West Timmins gold
district, Ontario (subject to closing conditions, see March 25,
2011 Opawica press release) and owns 100% of the Bro Property which
is a precious and base metal prospect located in Yukon, Canada.
In addition, Opawica owns 7,046,852 shares (19.6%) of Upper
Canada Gold Corporation.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of Opawica contains statements that constitute
"forward-looking statements". Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Opawica's actual results, performance or
achievements, or developments in the industry to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements in this document include statements
regarding Opawica's expectations regarding ownership, entitlements,
drilling and exploration activities on properties in which Opawica
has, or believes it has an interest. There can be no assurance that
such statements will prove to be accurate. Actual results and
future events could differ materially from those anticipated in
such statements, and readers are cautioned not to place undue
reliance on these forward-looking statements. Any factor could
cause actual results to differ materially from Opawica's
expectations. Opawica undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change, unless
otherwise required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Opawica Explorations Inc. Donald (Dan) Clark Chairman
604-681-3170dan@opawica.comwww.opawica.com Churchill Natural
Resource Partners L.P. Danny Wettreich Managing Partner (972)
612-1400dw@churchillnrp.com
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