Wolfden announces increase to non-brokered flow-through private placement to up to $700,000
Wolfden announces increase to non-brokered flow-through private placement to up to $700,000
THUNDER BAY, ON
,
June 1, 2017
/CNW/ -
Wolfden Resources Corporation (WLF:TSX-V)
("
Wolfden
" or the "
Company
") is pleased to announce that further
to its news release of
May 29, 2017
and due to enhanced interest, it is increasing the size of the non-brokered private placement (the "
Offering
") to up to
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 up to
$700,000
. In connection with the Offering, the Company may pay finder's fees to certain arm's
length parties in accordance with the rules of the TSX Venture Exchange (the "
TSXV
") in consideration for their efforts in introducing subscribers to the Company.
The securities to be issued under this Offering will be offered by way of private placement in the provinces of
British Columbia
,
Alberta
and
Ontario
and such other
provinces or territories of
Canada
as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements
under applicable securities laws. Securities issued under the Offering will be subject to a four-month hold period which will expire four months and one day from
the date of closing of the Offering.
Closing of the Offering is anticipated to occur on or about
June 13, 2017
. The Offering is subject to acceptance by the TSXV and other customary conditions for a
transaction of this nature.
The net 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 on the property in order to form the basis for a mineral resource estimate.
ABOUT WOLFDEN RESOURCES:
Wolfden is a mineral exploration company holding nickel properties in
Manitoba
and Zn Pb Cu base metal properties in
New Brunswick
.
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 anticipated closing date of the Offering and use of proceeds and 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/June2017/01/c4699.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 01-JUN-17