/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, June 29, 2016 /CNW/ - Wellgreen Platinum
Ltd. (TSX: WG; OTC-QX: WGPLF) ("Wellgreen Platinum" or the
"Company") is pleased to announce that Resource Capital Fund VI
L.P. ("RCF") has indicated that it intends to participate in the
Company's previously announced private placement of common shares
at a price of C$0.30 per common share
(the "Private Placement"). RCF, which has a pro rata right
pursuant to the terms of an ancillary rights agreement between the
Company and RCF dated November 10,
2015, will exercise its pro rata right in full and subscribe
for up to approximately 594,987 common shares, with the precise
amount dependant on whether other outstanding pro rata rights are
exercised. RCF's subscription will result in gross proceeds
to the Company of up to approximately C$178,500.
The Private Placement is subject to, among other things, receipt
of all applicable regulatory approvals, including approval of the
Toronto Stock Exchange ("TSX"). All Shares issued in the
Private Placement will be subject to a statutory four month hold
period.
The net proceeds of the Private Placement will be used for the
development of the Company's Wellgreen PGM-nickel project in the
Yukon and for general corporate
purposes.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About Wellgreen Platinum
Wellgreen Platinum is a Canadian mining exploration and
development company focused on the active advancement of its 100%
owned Wellgreen platinum group metals (PGM) and nickel project.
Located in Yukon, Canada,
the 2015 Preliminary Economic Assessment demonstrated that the
Wellgreen PGM-nickel project has the potential to become a large,
low cost, open pit producer of platinum, palladium, gold, nickel,
and copper. The Wellgreen property is accessible from the
paved Alaska Highway, which leads
to year-round deep sea ports in southern Alaska.
The Company is led by a management team with a track record of
successful large-scale project discovery, development, financing
and operation. Our vision is to create value for our
shareholders through development of the Wellgreen deposit into a
leading North American PGM and nickel producer.
Cautionary Note Regarding Forward Looking Information:
This news release includes certain information that may be deemed
"forward-looking information". Forward-looking information can
generally be identified by the use of forward-looking terminology
such as "may", "will", "expect", "intend", "believe", "continue",
"plans" or similar terminology, or negative connotations thereof.
All information in this release, other than information of
historical facts, including, without limitation, regarding the
exercise by any party of a pro-rata right to participate in the
Private Placement, the precise number of shares to be issued under
the Private Placement, the completion of the Private Placement, the
expected use of proceeds, the receipt of TSX approval, the size and
scale of the Wellgreen deposit, future exploration and development
of the Wellgreen PGM-nickel project, the undertaking of future
activities and work programs at the Wellgreen PGM-nickel project,
realization of the potential of the Wellgreen deposit, the active
advancement of the Wellgreen PGM-nickel project, and general future
plans and objectives for the Company and the Wellgreen PGM-nickel
project, are forward-looking information that involve various risks
and uncertainties. Although the Company believes that the
expectations expressed in such forward-looking information are
based on reasonable assumptions, such expectations are not
guarantees of future performance and actual results or developments
may differ materially from those in the forward-looking
information. For more information on the Company and the key
assumptions, risks and challenges with respect to the forward
looking information discussed herein, and about our business in
general, investors should review the 2015 PEA technical report on
the Wellgreen PGM-nickel project, our most recently filed annual
information form, and other continuous disclosure filings which are
available at www.sedar.com. Readers are cautioned not to place
undue reliance on forward-looking information. The Company does not
undertake to update any forward looking information, except in
accordance with applicable securities laws.
SOURCE Wellgreen Platinum Ltd.