THUNDER BAY, ON, May 29, 2017 /CNW/ - Wolfden Resources
Corporation (WLF-TSX-V) ("Wolfden" or the
"Company") today announces that it intends to complete
a non-brokered private placement (the "Offering") of up
to 2,500,000 common shares of the Company that are "flow-through
shares" within the meaning in the Income Tax Act
(Canada) (the "Flow-Through
Shares") at a price of $0.16 per
Flow-Through Share for gross proceeds of up to $400,000. The Company may, in its sole
discretion, increase the size of the Offering, by up to 15% for up
to an additional 375,000 Flow-Through Shares. In connection with
the Offering, the Company may pay finder's fees to certain arm's
length parties in accordance to 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 about
June 7, 2017. The Offering is subject
to acceptance by the TSXV and other customary conditions for a
transaction of this nature.
The net proceeds from the Offering will be used for exploration
on the Company's Orvan Brook
property in New Brunswick,
Canada.
ABOUT WOLFDEN RESOURCES:
Wolfden is a mineral exploration company holding nickel
properties in Manitoba and
Zn-Pb-Cu base-metal properties in New
Brunswick. Manitoba is
ranked #2 in Canada and #2 in the
world as the most favourable 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 anticipated closing date of the Offering
and use of proceeds and statements relating to 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