THUNDER BAY, ON, June 1, 2017 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) ("Wolfden" or the "Company") is pleased to announce that further to its news release of May 29, 2017 and due to enhanced interest, it is increasing the size of the non-brokered private placement (the "Offering") to up to 4,375,000 common shares of the Company that are "flow-through shares" within the meaning of 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 $700,000. In connection with the Offering, the Company may pay finder's 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 about June 13, 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. Specifically, funding will enable the undertaking of a drilling program on the property in order to form the basis for a mineral resource estimate.
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 favorable jurisdiction to conduct mining and exploration (Fraser Institute (2016-2017)).
