Non-brokered offering finances exploration programs, working capital
By Devika Patel
Knoxville, Tenn., May 5 - Wolverine Minerals Corp. said it plans a C$7.45 million non-brokered private placement of units.
The company will sell 3 million flow-through units of one flow-through common share and a half-share warrant at C$0.65 per unit. It also will sell 10 million units of one common share and a warrant at C$0.55 per unit.
Each whole warrant is exercisable at C$0.75 for one year. The strike price is a 36.36% premium to the May 4 closing share price of C$0.55.
Strategic Metals Ltd. will exercise its right to participate in the financings in order to maintain its 19.9 % equity interest in the company.
Proceeds will be used for the company's planned C$5 million exploration programs in the Dawson Range and the Finlayson Districts in the Yukon and general working capital.
Wolverine is a Vancouver, B.C., economic mineral explorer.
| Issuer: | Wolverine Minerals Corp.
|
| Issue: | Flow-through units of one flow-through common share and a half-share warrant, units of one common share and a half-share warrant
|
| Amount: | C$7.45 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Investor: | Strategic Metals Ltd.
|
| Pricing date: | May 5
|
| Stock symbol: | TSX Venture: WLV
|
| Stock price: | C$0.55 at close May 4
|
| Market capitalization: | C$18.07 million
|
|
|
| Flow-through units
|
| Amount: | C$1.95 million
|
| Units: | 3 million
|
| Price: | C$0.65
|
|
|
| Units
|
| Amount: | C$5.5 million
|
| Units: | 10 million
|
| Price: | C$0.55
|
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