Vancouver, February 4, 2019 - Opawica Explorations Inc. (TSXV: OPW) (the "Company") announces that by a resolution of the Board of Directors of the Company passed effective January 31, 2019, the Directors are authorized to consolidate the issued and outstanding common shares of the Company on a basis of one (1) new common share for every two (2) existing common shares (the "Share Consolidation"). Currently, there are 16,024,165 common shares issued and outstanding and following the Share Consolidation, 8,012,082 common shares will be issued and outstanding. It is anticipated that the Share Consolidation will be implemented as soon as practicable.
The Board of Directors is proceeding with the Share Consolidation on the basis that it will provide the Company with increased flexibility to seek additional financing opportunities and strategic acquisitions. The Share Consolidation is subject to the acceptance of the TSX Venture Exchange. The Company's name and stock symbol will remain unchanged following the Share Consolidation.
ABOUT OPAWICA EXPLORATIONS INC.
Opawica Explorations Inc. is a junior resource company engaged in the acquisition, exploration and evaluation of gold and base metal mineral properties in Canada. The Company owns 100% interest subject to certain royalties in the Bazooka gold property located in the Beauchastel Township approximately seven kilometres southwest of Rouyn-Noranda, Quebec. The Bazooka property comprises seven contiguous kilometres of strike length along the prolific Abitibi Gold Belt on the Cadillac Larder Lake Break. The eastern border of the Bazooka gold property adjoins Yorbeau Resources Inc.'s Rouyn Property and the western border adjoins Monarques Gold Corp.'s Wasamac gold property (2,882,000 oz Au resources per Monarques NI 43-101 technical report dated October 25, 2017). The Company also holds 100% interest subject to certain royalties in the McWatters gold property in the Rouyn-Noranda area and the Arrowhead gold property in the Joannes Township, Quebec.
For more information, please visit the Company's website at www.opawica.com.
FOR FURTHER INFORMATION CONTACT:
Interim President and Chief Executive Officer
Opawica Explorations Inc.
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