Wolfden Resources (WLF-V) April 7, '14 has completed a previously announced non-brokered private placement of 6.25 million flow-through units at a price of 20 cents per flow-through unit for gross proceeds of $1.25-million. Each flow-through unit consists of one common share of the company that is a flow-through share within the meaning in the Income Tax Act (Canada) and one-half of one non-transferrable common share purchase warrant. Each such warrant entitles the holder to purchase one common share of the company at a price of 27 cents per common share until April 4, 2016. In connection with the offering, the company has paid an aggregate of $49,525 in finders' fees to certain arm's-length parties, representing 5 per cent of the proceeds received from subscribers that were introduced by such parties.
The flow-through unit shares and warrants (including the underlying common shares) issued under the offering are subject to a four-month hold period which expires Aug. 5, 2014. The offering is subject to final acceptance by the TSX Venture Exchange.
The proceeds from the offering will be used to finance exploration at the company's Tetagouche property, New Brunswick. Exploration activities will be focused on determining the source of the high-grade zinc-lead-silver-gold (Zn-Pb-Ag-Au) boulders, found one kilometre to the east of Tetagouche. Additionally, the company's five historical deposits will be evaluated and, where warranted, subjected to further drilling. Additional information is available in the Wolfden press release dated Dec. 9, 2013. |
