Wolfden has increased their financing to $3 million from $2 million- lots of demand for their company these days-
they have been buikding their portfolio of gold properties in Red Lake, they are one of the largest 'on trend' land holders in Red Lake according to company sources-
Wolfden adds to special warrant placement
Wolfden Resources Inc YWO
Shares issued 24,883,058 Dec 17 2002 close $ 0.87
Wednesday December 18 2002 News Release
Mr. Ewan Downie reports
WOLFDEN TO INCREASE FINANCING
Wolfden Resources' special warrant private placement financing announced in Stockwatch on Dec. 16, 2002, has been increased to raise proceeds of approximately $3-million. Canaccord Capital Corporation, Dundee Securities Corporation, Griffiths McBurney & Partners, Haywood Securities Inc., and Jennings Capital Inc. have been engaged to act as agents for a private placement. The private placement is subject to the receipt of all required regulatory approvals.
Wolfden will issue approximately three million special warrants. The special warrants will be issued in two classes. The first class of special warrants, Class A special warrants, will be issued at a price of $1.00 per Class A special warrant, with each Class A special warrant entitling the holder thereof to acquire, for no additional consideration, one "flow-through" common share of Wolfden. The second class of special warrants, Class B special warrants, will also be issued at a price of $1.00 per Class B special warrant, with each Class B special warrant entitling the holder thereof to acquire, for no additional consideration, one common share of Wolfden.
The special warrants will be exercisable by the holders thereof at any time and will be automatically exercised at 5 p.m. (Toronto time) on the earlier of (i) the fifth day after the date of issue by the applicable securities regulatory authorities of receipts for a prospectus qualifying the securities to be issued upon the exercise of the special warrants and (ii) the date which is 12 months from the date of closing of the private placement. In the event that receipts for the prospectus have not been issued on or before the date which is 120 days after the date of closing of the private placement, each Class A special warrant will entitle the holder thereof to acquire, for no additional consideration, 1.1 "flow-through" common shares of Wolfden and each Class B special warrant will entitle the holder thereof to acquire, for no additional consideration, 1.1 common shares of Wolfden.
The agents will receive for their services a fee equal to 6 per cent of the gross proceeds of the offering. In addition, the agents will be issued that number of agents' special warrants as is equal to 8 per cent of the number of special warrants sold under the private placement. Each agents' special warrant will entitle the holder thereof to acquire, for no additional consideration, one agents' warrant. Each agents' warrant will entitle the holder thereof to acquire one common share of Wolfden at a price of $1.00 during a period of 18 months following the closing of the private placement.
The proceeds from the private placement will be used primarily to finance exploration at Wolfden's High Lake property and for general working capital.
WARNING: The company relies upon litigation protection for "forward-looking" statements. |
