Investor Winston Mining to buy C$5 million of common share units
By Devika Patel
Knoxville, Tenn., Oct. 5 - Opawica Explorations Inc. said it has arranged a C$5.54 million non-brokered private placement of units. Winston Mining LP will invest C$5 million.
The company will sell 110.8 million units of one common share and one warrant at C$0.05 per unit.
Each warrant is exercisable at C$0.065 for two years. The strike price is identical to the Oct. 4 closing share price.
Settlement is expected on Dec. 15.
Proceeds will be used for the development of the company's Atikwa Lake Gold-Copper Project, payout to the existing management and employee contracts and for other corporate purposes.
The company also agreed that its board of directors will be changed. The existing directors will resign to be replaced by Winston nominees, and Winston's managing partner Danny Wettreich will become the company's chairman and chief executive officer.
Vancouver, B.C.-based Opawica is a gold exploration company.
| Issuer: | Opawica Explorations Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5.54 million
|
| Units: | 110.8 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.065
|
| Agent: | Non-brokered
|
| Investor: | Winston Mining LP (for C$5 million)
|
| Pricing date: | Oct. 5
|
| Settlement date: | Dec. 15
|
| Stock symbol: | TSX Venture: OPW
|
| Stock price: | C$0.065 at close Oct. 4
|
| Market capitalization: | C$4.97 million
|
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