Opawica Explorations Inc. has closed its non-brokered private placement, raising gross proceeds of $1,733,433 through the issuance of 17,334,330 units priced at $0.10 each.

Each unit consists of one common share and one-half of a share purchase warrant. Each whole warrant allows the holder to purchase an additional common share at $0.20 until August 24, 2028. The terms include an accelerated expiry provision allowing the company to shorten the warrant exercise period to no less than 30 days if common shares trade at or above $0.30 for ten consecutive trading days after December 25, 2026.

The financing incurred finder fees of $46,320 alongside the issuance of 463,200 non-transferable finder warrants exercisable at $0.20 for a two-year term expiring August 24, 2028. All securities issued under the placement carry a four-month hold period expiring December 25, 2026.

Company insiders participated in the capital raise by purchasing 1,375,000 units for investment purposes. The board of directors approved the insider participation by unanimous resolution, relying on exemptions under Multilateral Instrument 61-101 to avoid formal valuation and minority shareholder approval requirements.

Net proceeds from the offering will fund the execution of a planned 10,000-metre high-priority drilling program at the 100%-owned Arrowhead gold property. Opawica holds drill permits covering 25 drill-pad locations across the asset to support the upcoming campaign, alongside allocations for general working capital and market awareness initiatives.

Shares in the company closed at $0.13, up 4.00% on the day of the financing announcement.

Read the full announcement: Opawica Closes Oversubscribed Non-Brokered Private Placement