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)).
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 the timing for the completion of a mineral resource estimate on the Orvan Brook property, 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
For further information: Donald Hoy, President and CEO, Wolfden Resources Corporation, Tel: (807) 624-1131, Fax: (807) 624-1133, Email: [email protected], Website: www.wolfdenresources.com