Business
Opawica Closes Over Subscribed Private Placement
(TheNewswire) Vancouver, B.C. – TheNewswire - May 24, 2023 - Opawi...
About this update from Opawica Explorations Inc.
[{"type":"text","content":"Opawica Closes Over Subscribed Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, B.C. –\n \n \n \n \n TheNewswire -\n \n \n \n \n May 24, 2023 - Opawica Explorations Inc.\n(TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the \"Company\" or\n\"Opawica\") is pleased to announce\n \n \n \n that further to its news release of April 17th, 2023, the\nCompany has conditionally closed its non-brokered private placement of\n6,379,998 units for total gross proceeds of\n \n \n \n \n $638,000\n \n \n (the\n“Offering”).  The Offering was oversubscribed, and the Company\nwould like to thank its supporting investors and shareholders.\n \n \n \n \n The proceeds from the offering will be used for general\nworking capital. Each of the units consists of one common share and\none share purchase warrant which is exercisable at $0.15 for three\nyears. The warrants are subject to an acceleration clause which state:\n \n \n Pursuant to the financing, in\nthe event the Company's share price closed at a price of CAD$0.22 per\nshare for a period of 10 consecutive trading days on the TSX Venture\nExchange, the Company may accelerate the term of the Eligible Warrants\nto a period of 30 days commencing 7 days after the last premium\ntrading day with notice given to the warrant holders in writing or by\nnews release.\n \n \n \n \n All shares issued in the financing are subject to a\nstatutory holding period. One third of the shares are subject to the\nminimum of four months and one day hold, one third of the shares\nissued are subject to a holding period of eight months and one third\nof the share issued are subject to a hold period of twelve months from\nthe date of issue.\n \n \n \n \n A tranche of 4,689,998 units at a price of $0.10 per\nunit conditionally closed raising gross proceeds of $469,000 to be\nused for general working capital. Each unit consisted of one common\nshare and one common share purchase warrant exercisable at $0.15 for a\nperiod of three years expiring May 8, 2026. The share issuances are\nsubject to the hold periods of September 9, 2023, January 8, 2024, and\nMay 8, 2024.\n \n \n \n \n A tranche of 1,690,00 units at a price of $0.10 per\nunit conditionally closed raising gross proceeds of $169,000 to be\nused for general working capital. Each unit consisted of one com...