Opawica Closes Financing With the Mineralfields Groupadmin
Opawica Explorations Inc. announces that it has closed a non-brokered private placement of $570,000 through the sale of 5,700,000 flow-through units at $0.10 per unit with Mineralfields Group acquiring 5,000,000 units of the offering. Insiders subscribed for 150,000 units of the offering. Each unit consists of one flow through share at $0.10 and one non-flow through warrant attached to each share. Each warrant is exercisable into one further common share of the Company at $0.15 per share for a two year term. The shares to be issued on exercise of the warrants will not be issued until such time as shareholder approval is obtained. In connection with the offering agents fees of $40,000 cash and 500,000 warrant units were paid by the Company.
Opawica is pleased to be entering into this relationship with the Mineralfields Group and the Company looks forward to working with Mineralfields Group as Opawica develops its Atikwa Lake gold-copper-base metal property near Kenora, Ontario and its Dingman gold-aggregate property located just over one hour driving time northeast of the Greater Toronto Area, Ontario.
Opawica will commence drilling at Atikwa Lake in January 2009 and expects to publish resources from the Atikwa Lake and Dingman properties in the first quarter of 2009.