How waterproof is this bag for canoing? Can it sit in a couple inches of water at the bottom of the canoe for a couple hours?

Tech Specs:

Material:

[top] 19oz scrim-reinforced vinyl; [bottom] 30oz scrim-reinforced vinyl 

Dimensions:

[S ] 12 x 12 x 22 in; [M ] 15 x 12 x 26 in 

Volume:

[S] 2400 cu in; [M] 4800 cu in 

Backpack Straps:

no 

Pockets:

1 side 

Weight:

[S] 1 lb 12 oz; [M] 2 lb 11 oz 

Recommended Use:

travel 

Manufacturer Warranty:

lifetime