Opawica Explorations Inc. Closes Final Tranche Of Private Placement

Vancouver, B.C. – December 23, 2020 – Opawica Explorations Inc. (the “Company”) (TSX.V: OPW) is pleased to announce that, further to its news releases of October 5, 2020 and December 14, 2020, the Company has closed the final tranche of its non-brokered private placement (the “Offering”) to raise additional gross proceeds of $80,000 (the “Final Tranche”) through the sale of a further 800,000 common shares of the Company (each, a “Share”) at a price of $0.10 per Share.

All Shares issued in connection with the Offering will be subject to resale restrictions, expiring beyond the customary statutory hold period of four months and one day after closing of the Offering.  The Shares of the Final Tranche will be issued and represented by three certificates (or DRS statements) of equal amount, each with a different resale restriction endorsed thereon as follows: (i) one Share certificate will bear a legend expiring four months plus one day from the Closing Date (April 24, 2020); (ii) one Share certificate will bear a legend expiring eight months from the Closing Date (August 23, 2021); and (iii) one Share certificate will bear a legend expiring twelve months from the Closing Date (December 23, 2021).

The Final Tranche completes the Company’s Offering to raise a total of $516,000 through the sale of 5,160,000 Shares.  The proceeds from the Offering will be used for project acquisition and exploration, payment of trade payables and debt and working capital.

No finders’ fees were paid in connection with the Final Tranche.


Blake Morgan

President and Chief Executive Officer

Opawica Explorations Inc.

Telephone: 604-681-3170

Fax: 604-681-3552

Disclaimer for Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the proposed Offering, the expectations of management regarding the use of proceeds of the Offering, closing conditions for the Offering, and Exchange approval of the proposed Offering. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that: the Company may not complete the Offering on terms favorable to the Company or at all; the Exchange may not approve the Offering; the proceeds of the Offering may not be used as stated in this news release; the Company may be unable to satisfy all of the conditions to the Closing; and those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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.