Opawica Explorations arranges private placement
Opawica Explorations Inc OPW
Shares issued 11,023,933 Aug 17 close $1.25
Wed 18 Aug 99 News Release
Mr. Dan Clark reports
The company proposes to offer by way of private placement a minimum of
250,000 and a maximum of 600,000 flow-through special warrants at a price
of $1.25 each, subject to receipt of applicable regulatory approvals.
Each flow-through special warrant will be convertible into one flow-through
common share and one-half of one purchase warrant for no further
consideration. Each whole purchase warrant will entitle the holder to
purchase one flow-through common share of the company at any time until
Aug. 31, 2000, at $1.50 per share.
Commissions of up to 10 per cent may be paid on subscriptions obtained by
registered dealers.
The company plans to use the proceeds from this offering primarily to
continue the exploration of its Chance properties in Kidd township, Ont.,
as outlined in Stockwatch Aug. 13, 1999, and on other eligible Canadian
exploration properties.
Furthermore, at its sole discretion, the company may file a prospectus with
applicable regulatory authorities to qualify the distribution of the
securities issuable upon conversions of the flow-through special warrants.
It is expected that the private placement will be closed on or about Aug.
31, 1999.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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