Wolverine Closes $5.4 Million in Private Placement Wolverine Closes $5.4 Million in Private Placements
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WOLVERINE MINERALS CORP. ("Wolverine" or the "Company") is pleased to
announce that it has closed non-brokered private placements of units
and flow-through units, as previously announced on May 5, 2011 for
total gross proceeds of more than $5.4 million.
The Company issued 7,374,500 million units (each, a "Unit"), at a price
of
.55 per Unit, for gross proceeds of $4,055,975. Each Unit
consists of one common share and one-half of one share purchase warrant
(each, a "Warrant"), with each whole Warrant entitling the holder to
acquire an additional common share for
.75 per share until June 7,
2012.
The Company also issued 2,150,000 million flow-through units (each a
"FT Unit"), at a price of
.65 per FT Unit, for gross proceeds of
$1,397,500. Each FT Unit consists of one flow-through common share and
one-half of one non flow-through share purchase warrant (each, a "NFT
Warrant"), with each whole NFT Warrant entitling the holder to acquire
an additional common share for
.75 per share until June 7, 2012.
The Warrants and the NFT Warrants are subject to an accelerated 30-day
expiry provision in the event the Company's common shares trade at
$1.10 or greater for a period of 20 consecutive trading days after four
months from closing.
Strategic Metals Ltd. exercised its right to participate in the
financing in order to maintain its 19.9 % equity interest in the
Company.
In connection with the financing, the Company paid aggregate finder's
fees of $77,698.50 and issued a total of 136,110 finder's warrants in
accordance with the rules and policies of the TSX Venture Exchange. The
finder's warrants are exercisable at
.55 for a period of 12 months
and are subject to the same accelerated 30-day expiry provision as the
placement warrants.
The proceeds from the above financings will be used to fund the
Company's planned $5 million exploration programs in the Dawson Range
and the Finlayson Districts in the Yukon (see news release dated April
28, 2011) and general working capital.
The securities issued will be subject to hold periods until October 8,
2011 under Canadian laws and the policies of the Exchange, and certain
securities will also be subject to hold periods under United States
securities laws. None of the securities issued have been or will be
registered under the United States Securities Act of 1933, as amended
(the "1933 Act"), and none of them may be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the 1933 Act.
WOLVERINE MINERALS CORP.
Per: "Thomas A. Doyle"
Thomas A. Doyle
President & CEO
www.wolverineminerals.ca
For further information, please contact:
Thomas A. Doyle
Logan Anderson
Phone: (604) 689- 5722
Email:
info@wolverineminerals.ca
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.
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Copyright (c) 2011 WOLVERINE MINERALS CORP. (WLV) All rights reserved.
For more information visit our website at
https://www.wolverineminerals.ca/ or send
mailto:info@wolverineminerals.ca
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