Wolfden Announces Closing of $700,000 Non-Brokered Flow- Through Private Placement
Wolfden Announces Closing of $700,000 Non-Brokered Flow-
Through Private Placement
THUNDER BAY, ON
,
June 19, 2017
/CNW/ -
Wolfden Resources Corporation (WLF:TSX-V)
("
Wolfden
" or the "
Company
") is pleased
to announce that it has completed its previously announced non-brokered private placement (the "
Offering
") of 4,375,000 common shares of the
Company that are "flow-through shares" within the meaning of the
Income Tax Act
(
Canada
) (the "
Flow-Through Shares
") at a price of
$0.16
per Flow-Through Share, for gross proceeds of
$700,000
.
Securities issued under the Offering are subject to a four-month hold period, which will expire on
October 16, 2017
. The Offering is subject to
final acceptance by the TSX Venture Exchange.
The gross proceeds from the Offering will be used for exploration on the Company's Orvan Brook property in
New Brunswick, Canada
.
Specifically, funding will enable the undertaking of a drilling program at Orvan Brook in order to form the basis for a mineral resource estimate.
Additional drilling will also be completed on the
Armstrong
property, in the search for the bedrock source of several high-grade Zn-Pb-Ag
boulders located down-ice to the east, on an adjacent property.
In connection with the Offering, the Company has paid an aggregate of
$14,400
in cash finder's fees to Canaccord Genuity Corp. and Medalist
Capital Ltd., representing 5% of the gross proceeds of the Flow-Through Shares that were sold to subscribers introduced by such parties.
A related party of the Company has participated in the Offering on the same terms as arm's length investors. The Company did not file a material
change report more than 21 days before the expected closing date of the Offering as the details of the Offering, including participation therein by
related parties of the Company, had not been confirmed at that time and the Company wished to close the Offering on an expedited basis for
sound business reasons and in a timeframe consistent with usual market practices for transactions of this nature.
ABOUT WOLFDEN RESOURCES:
Wolfden is a mineral exploration company holding nickel properties in
Manitoba
and Zn-Pb-Cu base-metal properties in
New Brunswick
(>24,000 hectares).
Manitoba
is ranked #2 in
Canada
and #2 in the world as the most favorable jurisdiction to conduct mining and exploration
(Fraser Institute (2016-2017)).
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves
various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current
expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future
performance of the Company, and include, without limitation, statements relating to the timing for the completion of a mineral resource
estimate on the Orvan Brook property, plans and results of exploration and the magnitude and quality of the property. There are
numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those
expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties: (i)
risks inherent in the mining industry; (ii) regulatory and environmental risks; (iii) results of exploration activities and development of
mineral properties; (iv) risks relating to the estimation of mineral resources; (v) stock market volatility and capital market fluctuations;
and (vi) general market and industry conditions. Actual results and future events could differ materially from those anticipated in such
information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly
qualified by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure
materials filed with the securities regulatory authorities in
Canada
at
www.sedar.com
. The Company assumes no obligation to update
any forward looking information or to update the reasons why actual results could differ from such information unless required by
applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE
Wolfden Resources Corporation
View original content: http://www.newswire.ca/en/releases/archive/June2017/16/c6676.html
%SEDAR: 00033002E
For further information:
Donald Hoy, President and CEO, Wolfden Resources Corporation, Tel: (807) 624-1131, Fax: (807) 624-1133,
Email: [email protected], Website: www.wolfdenresources.com
CO: Wolfden Resources Corporation
CNW 06:00e 19-JUN-17