4 Million oversubscribed p.p.....completed THUNDER BAY, ON / ACCESSWIRE / March 30, 2021 / Wolfden Resources Corporation(TSXV:WLF) ("Wolfden"or the"Company")is pleased announce that it has completed an upsized and oversubscribed non-brokered private placement financing of 12,725,000 units at a price of C$0.32 per unit for gross proceeds of $4.07 million (the "Offering"). Each unit is comprised one common share of the Company and one half of a common share purchase warrant. Each whole purchase warrant can be converted in one common share of the Company at a price of $0.45 for two years, subject to acceleration in certain circumstances.
"With these additional funds, we plan to more aggressively explore and expand through drilling our strategic metal project portfolio," said Ron Little, President and CEO of the Company. "Drilling is underway at our Pickett Mt. project in Maine as we wait for assay results for our recently completed drill program in Manitoba on our Nickel-Copper-Cobalt Rice Island Project. Planning is underway for additional exploration and drill programs on our silver projects in Maine and New Brunswick."
The majority of the proceeds from the Offering will be used to continue exploration at the Company's 100%-owned Pickett Mountain high-grade polymetallic deposit in Maine. Some of the funds will also be used for the exploration of its recently optioned Big Silver Project in Maine.
The securities issued pursuant to the Offering are subject to a four-month hold period until July 31, 2021 under applicable Canadian securities laws.
About Wolfden
Wolfden is an exploration and development company focused high-margin deposits in good jurisdictions. Its wholly owned Pickett Mountain Project is one of the highest-grade polymetallic projects in North America (Zn, Pb, Cu, Ag, Au). This relatively advanced project is well-located near excellent infrastructure that will support straight forward development as detailed in a Preliminary Economic Assessment date September 14, 2020.
For further information please contact Ron Little, President & CEO, at (807) 624-1136 or Rahim Lakha, Corporate Development at (416) 414-9954.
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