THUNDER BAY, ON, March 7, 2014 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) ("Wolfden" or the "Company") is pleased to announce that it intends to complete a non-brokered
private placement (the "Offering") of up to 4,000,000 flow-through units (the "Flow-Through Units") at a price of $0.20 per Flow-Through Unit for gross proceeds of up to
$800,000. Each Flow-Through Unit will consist of one common share of
the Company that is a "flow through share" within the meaning in the Income Tax Act (Canada) and one-half of one common share purchase warrant (each whole
warrant a "Warrant"). Each such Warrant will entitle the holder to purchase one common
share of the Company at a price of $0.27 per common share for a period
of 24 months from the closing date of the Offering. The Company may, in
its sole discretion, increase the size of the Offering by up to 20% for
up to an additional 800,000 Flow-Through Units. In connection with the
Offering, the Company may pay finders' fees to certain arm's length
parties in accordance with the rules of the TSX Venture Exchange (the "TSXV") in consideration for their efforts in introducing subscribers to the
Company.
The securities to be issued under this Offering will be offered by way
of private placement in the provinces of British Columbia, Alberta and
Ontario and such other provinces or territories of Canada as may be
determined by the Company, in each case, pursuant to applicable
exemptions from the prospectus requirements under applicable securities
laws. Securities issued under the Offering will be subject to a
four-month hold period which will expire four months and one day from
the date of closing of the Offering.
Closing of the Offering is anticipated to occur on or before April 4th, 2014. The Offering is subject to acceptance by the TSXV and other
customary conditions for a transaction of this nature.
The proceeds from the Offering will be used for exploration activities
on the Company's Canadian mineral exploration projects.
This press release contains forward-looking information that involves
various risks and uncertainties regarding future events. Such
forward-looking information includes statements about use of proceeds
of the Offering and other terms of the Offering, the anticipated
closing date of the Offering, spending commitments, future operations,
future work programs and objectives. Forward-looking information is
based on the opinions and estimates of management that, which
considered reasonable, are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. Such risks and uncertainties include, but
are not limited to, risks associated with the mining industry, the risk
of commodity price and foreign exchange rate fluctuations, the ability
of the Company to fund the capital and operating expenses necessary to
achieve the business objectives of the Company, as well as those risks
described in public disclosure documents filed by the Company. Due to
the risks, uncertainties and assumptions inherent in forward-looking
information, prospective investors in securities of the Company should
not place undue reliance on such forward-looking information. The
Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information,
future events or otherwise, except as required by law.
Neither the 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
Donald Hoy
President
Wolfden Resources Corporation
Tel: (807) 624-1131 Fax: (807) 624-1133
Email: dhoy@wolfdenresources.com
Website: www.wolfdenresources.com
George Topping
Chief Executive Officer
Wolfden Resources Corporation
Tel: (416) 268-1043
Email: gtopping@wolfdenresources.com
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