Wolfden closes $14,712,500 million financing
Monument Bay resource totals 639,377 tonnes grading 20.4g/t Au
Shares Issued: 35,117,646
/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, Aug. 7 /CNW/ - WOLFDEN RESOURCES INC. (TSX:WLF) is pleased to
announce that it has completed the previously announced offering of (i)
2,750,000 Units (the "Units") at a price of $2.60 per Unit, consisting of one
common share of Wolfden and one-half of one common share purchase warrant,
each whole warrant entitling the holder to purchase one additional common
share of Wolfden at a price of $3.25 per share at any time prior to January
31, 2005 for gross proceeds of $7,150,000 and (ii) 2,750,000 flow-through
common shares of Wolfden ("Flow-Through Shares") at a price of $2.75 per
Flow-Through Share, for gross proceeds of $7,562,500 through Canaccord Capital
Corporation, Dundee Securities Corporation, Pacific International Securities
Inc., Griffiths McBurney & Partners, and Haywood Securities Inc. (collectively
the "Underwriters").
The Underwriters received for their services in connection with the
offering an aggregate fee of $735,625 and an aggregate of 275,000 underwriter
warrants. Each underwriter warrant entitles the holder thereof to purchase one
common share of Wolfden at a price of $2.60 until July 31, 2004.
The securities issued by the Corporation in connection with the offering
are subject to a "hold period" which expires on December 1, 2003.
The Monument Bay Project, Manitoba
----------------------------------
Bema has provided a revised resource at the Monument Bay Project (Press
Release Aug. 7, 2003). Based on the 2003 winter drill program and previous
work, Bema has increased the inferred resource to 639,377 tonnes averaging
20.4 grams per tonne containing 418,371 ounces of gold. The resource was
calculated using 50 meter radius polygons on an inclined two-dimension
long-section with a cut off grade of 8 g/t gold and a minimum true width of
1 metre. High gold assays were cut to 100 g/t.
The majority of the winter 2003 program tested the recently discovered
Twin Lakes West Zone. The increase in the inferred resource at Monument Bay is
mainly as a result of this new discovery. A summer 2003 program has commenced
consisting of geological mapping and geochemical sampling. Diamond drilling
should recommence shortly.
The proceeds from the private placement will be used primarily to fund
the exploration of the Wolfden's High Lake Property, and for general working
capital.
Wolfden is a Canadian based mineral exploration and development company
engaged in the exploration for economic mineral deposits.
The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections. |
