VANCOUVER, Oct. 1 /PRNewswire-FirstCall/ - Opawica Explorations Inc. (TSX.V: OPW/OTC: OPWEF/Frankfurt: OE5A) ("Opawica"/the "Company") announces further to its news release of August 27, 2010 and September 17, 2010, the Company is pleased to announce that it has closed its private placement of 6,050,000 units at $0.10, for gross proceeds of $605,000. Each unit was comprised of one flow-through share and one-half of a warrant, with each whole warrant entitling the holder to acquire a non flow-through share at $0.15 for a term of one year.
In connection with the private placement the company paid finders' fees totalling $24,000 and issued 240,000 finder's warrants, each such warrant entitling the holder to acquire one common share of the Company at a price of $0.10 per share for a term of one year.
The securities issued in connection with the private placement are subject to a hold period expiring on February 2, 2011.
Neither 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. The forgoing information may contain forward-looking statements relating to the future performance of the Company. Forward looking statements, specifically those concerning future performance or events, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.
SOURCE Opawica Explorations Inc.