THUNDER BAY, ON, Jan. 18, 2017 /CNW/ - Wolfden Resources Corporation (WLF-TSX-V) ("Wolfden" or the "Company") is pleased to announce that it has completed a previously announced non-brokered private placement (the "Offering") of 3,500,000 flow-through units (the "Flow-Through Units") at a price of $0.135 per Flow-Through Unit for gross proceeds of $472,500. Each Flow-Through Unit consists 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 entitles the holder to purchase one common share of the Company at a price of $0.15 per common share until January 17, 2019.
Securities issued under the Offering (including the underlying common shares) are subject to a four-month hold period, which will expire on May 18, 2017.
The Offering is subject to final acceptance by the TSX Venture Exchange.
The proceeds of the Offering are intended to be used for the first-phase exploration program on the Company's Orvan Brook project in New Brunswick and for ongoing exploration at the Company's Rice Island nickel-copper-cobalt property in Manitoba.
In other developments, the Company is preparing for the onset of diamond drilling on its Rice Island property in Manitoba. Drilling will target a prominent magnetic and electromagnetic trend that potentially reflects the southwest extension of the Rice Island Ni-Cu-Co deposit. The prominent magnetic anomaly and associated conductors associated with the Rice Island deposit continue for an additional 800 metres to the southwest (see Figure 1). Wolfden's recent drilling on the claim boundary between the Rice Island property and Rice Island Tie-On property, included intercepts returning 2.57% Ni, 1.07% Cu and 0.08% Co over 17.4 metres as well as 1.14% Ni, 0.70% Cu and 0.06% Co over 14.1 metres.
It is anticipated that drilling will commence prior to the end of January 2017.
About Wolfden Resources:
Wolfden is a mineral exploration company exploring the Rice Island and Nickel Island properties in Manitoba. Manitoba is ranked #6 in Canada and #19 in the world as the most favorable jurisdiction to conduct mining and exploration (Fraser Institute (2015-2016). The Company also holds a dominant, 24,000 hectare land position in the heart of the Bathurst Mining Camp in New Brunswick.
