Looking at the past, to forecast the futureBased on the news release in Nov, and the shares having a 4 month hold period, to sell them or BUY additional shares on the market.........these higher end investors are under water at present, as most others here are as well....they can now step in to purchase shares on the open market. This should be expected, IMHO
November 20, 2014 – Vancouver, BC – Wellgreen Platinum Ltd. (TSX-V: WG; OTCQX: WGPLF) is pleased to announce that it has completed a $9.1 million non-brokered equity financing (the “Private Placement”) at approximately an 11% premium to the 10 day volume weighted average trading price of the Company’s common shares on the TSX Venture Exchange.
Pursuant to the Private Placement, the Company issued a total of 15,118,104 common shares of the Company on a “flow-through” basis, at $0.60 per share. The shares issued under this Private Placement are subject to a 4 month hold period expiring on March 21, 2015, in accordance with applicable securities laws and the rules and policies of the TSX Venture Exchange. The Company paid finder’s fees of approximately $244,000 in connection with the Private Placement.
The net proceeds of the Private Placement will be applied towards continuing exploration and development activities as part of initiating planned Pre-feasibility level studies on the Company’s 100%-owned Wellgreen PGM-Nickel-Copper property located in the Yukon.
Wellgreen Platinum’s President and CEO, Greg Johnson, said, “We are pleased to be able to strengthen the Company’s shareholder base and balance sheet with this financing at a premium to the market. These mining-focused investors recognize the quality and potential of the Wellgreen assets despite the extended difficult market conditions in the resource sector. The proceeds from this financing will allow us to advance to planned pre-feasibility-level studies and environmental work on the Wellgreen project and will place the Company in a solid financial position into 2015.”