THUNDER BAY, ON, June 19, 2017 /CNW/ - Wolfden Resources
Corporation (WLF:TSX-V) ("Wolfden" or
the "Company") is pleased to announce that it has
completed its previously announced non-brokered private placement
(the "Offering") of 4,375,000 common shares of the Company
that are "flow-through shares" within the meaning of the Income
Tax Act (Canada) (the
"Flow-Through Shares") at a price of $0.16 per Flow-Through Share, for gross proceeds
of $700,000.
Securities issued under the Offering are subject to a four-month
hold period, which will expire on October
16, 2017. The Offering is subject to final acceptance by the
TSX Venture Exchange.
The gross proceeds from the Offering will be used for
exploration on the Company's Orvan Brook property in New Brunswick, Canada. Specifically, funding
will enable the undertaking of a drilling program at Orvan Brook in
order to form the basis for a mineral resource estimate. Additional
drilling will also be completed on the Armstrong property, in the search for the
bedrock source of several high-grade Zn-Pb-Ag boulders located
down-ice to the east, on an adjacent property.
In connection with the Offering, the Company has paid an
aggregate of $14,400 in cash finder's
fees to Canaccord Genuity Corp. and Medalist Capital Ltd.,
representing 5% of the gross proceeds of the Flow-Through Shares
that were sold to subscribers introduced by such parties.
A related party of the Company has participated in the Offering
on the same terms as arm's length investors. The Company did not
file a material change report more than 21 days before the expected
closing date of the Offering as the details of the Offering,
including participation therein by related parties of the Company,
had not been confirmed at that time and the Company wished to close
the Offering on an expedited basis for sound business reasons and
in a timeframe consistent with usual market practices for
transactions of this nature.
ABOUT WOLFDEN RESOURCES:
Wolfden is a mineral exploration company holding nickel
properties in Manitoba and
Zn-Pb-Cu base-metal properties in New
Brunswick (>24,000 hectares). Manitoba is ranked #2 in Canada and #2 in the world as the most
favorable jurisdiction to conduct mining and exploration (Fraser
Institute (2016-2017)).
This press release contains forward-looking information
(within the meaning of applicable Canadian securities legislation)
that involves various risks and uncertainties regarding future
events. Such forward-looking information includes statements based
on current expectations involving a number of risks and
uncertainties and such forward-looking statements are not
guarantees of future performance of the Company, and include,
without limitation, statements relating to the timing for the
completion of a mineral resource estimate on the Orvan Brook
property, plans and results of exploration and the magnitude and
quality of the property. There are numerous risks and uncertainties
that could cause actual results and the Company's plans and
objectives to differ materially from those expressed in the
forward-looking information in this news release, including without
limitation, the following risks and uncertainties: (i) risks
inherent in the mining industry; (ii) regulatory and environmental
risks; (iii) results of exploration activities and development of
mineral properties; (iv) risks relating to the estimation of
mineral resources; (v) stock market volatility and capital market
fluctuations; and (vi) general market and industry conditions.
Actual results and future events could differ materially from those
anticipated in such information. This forward-looking information
is based on estimates and opinions of management on the date hereof
and is expressly qualified by this notice. Risks and uncertainties
about the Company's business are more fully discussed in the
Company's disclosure materials filed with the securities regulatory
authorities in Canada at
www.sedar.com. The Company assumes no obligation to update any
forward looking information or to update the reasons why actual
results could differ from such information unless required by
applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Wolfden Resources Corporation