Vancouver, B.C. – March 29, 2021 – Opawica Explorations Inc. (“Opawica” or the “Company”) (TSX.V: OPW) is pleased to announce that further to its news release dated February 12, 2021, it has closed the acquisition of a 100% interest, subject to net smelter return (“NSR”) royalties, in the Lil’ d’Espoir Lake Property and the Chapel Island Gold Property, located in the Exploits Subzone of Central Newfoundland and Labrador, and the Richard Copper Property located approximately 15 km from Rouyn-Noranda, Quebec. The consideration paid for the properties is 2,000,000 common shares of the Company and 1,000,000 common share purchase warrants exercisable at $0.31 per share for a period of 24 months. The securities issued as consideration are subject to a hold period expiring July 30, 2021. The Newfoundland properties are subject to a 1.5% NSR of which the Company may purchase 0.75% NSR for $1,000,000 at any time, and the Richard property is subject to a 1% NSR.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec. The Company’s management has a great track record in discovering and developing successful exploration projects. The Company’s objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
President and Chief Executive Officer
Opawica Explorations Inc.
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This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.