Offerings slated to finance properties in South Korea, debt repayment
By Devika Patel
Knoxville, Tenn., Aug. 31 - Woulfe Mining Corp. announced it settled a C$4.23 million private placement of units via lead agent Dundee Securities Ltd. The offering has a 15% greenshoe. Woulfe also sold C$1 million of units on a non-brokered basis. The brokered deal priced for C$4 million on Aug. 14, the same date that the non-brokered offering priced for C$1 million.
The company sold 21.15 million units at C$0.20 apiece on a best-efforts basis in the brokered sale and 5 million units in the non-brokered offering.
The units consist of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.30 until Aug. 31, 2014. The strike price reflects a 50% premium to the Aug. 13 closing share price of C$0.20.
Proceeds will be used to advance the company's properties in South Korea, to repay short-term debt and for general working capital purposes.
The Vancouver, B.C., company explores a tungsten molybdenum deposit with bismuth and gold as byproducts.
| Issuer: | Woulfe Mining Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5.23 million
|
| Units: | 26.15 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Aug. 31, 2014
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| Warrant strike price: | C$0.30
|
| Agents: | Dundee Securities Ltd. (lead, for C$4.23 million), non-brokered (for C$1 million)
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 31
|
| Stock symbol: | TSX Venture: WOF
|
| Stock price: | C$0.20 at close Aug. 13
|
| Market capitalization: | C$71.11 million
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