Wolfden Resources (WLF-V) Dec 18, '14 is pleased to announce that it has completed a previously announced non-brokered private placement of 10,219,000 flow-through units at a price of $0.22 per Flow-Through Unit for gross proceeds of $2,248,180. 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 $0.30 per common share until December 18, 2016. In connection with the Offering, the Company has paid an aggregate of $64,559 in finder's fees to certain arm's length parties, representing 5% 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 April 19, 2015. The Offering is subject to final acceptance by the TSX Venture Exchange.
Flow-Through Units purchased by insiders of the Company are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to the insiders does not exceed 25% of its market capitalization.
The proceeds from the Offering will be used for exploration activities on the Company's Canadian mineral exploration projects.
SOURCE Wolfden Resources Corporation 
For further information:
George Topping, Chief Executive Officer,
Wolfden Resources Corporation,
Tel: (416) 268-1043,
Email: gtopping@wolfdenresources.com;
Donald Hoy, President,
Wolfden Resources Corporation,
Tel: (807) 624-1131, Fax: (807) 624-1133,
Email: dhoy@wolfdenresources.com |
