Offer with C$1 million greenshoe finances properties in South Korea
By Devika Patel
Knoxville, Tenn., Aug. 14 - Woulfe Mining Corp. announced it plans a C$4 million private placement of units via lead agent Dundee Securities Ltd. The offering has a 15% greenshoe. Woulfe also will raise C$1 million on a non-brokered basis.
The company will sell 20 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 for two years. The strike price reflects a 50% premium to the Aug. 13 closing share price of C$0.20.
Settlement is expected Aug. 31.
Proceeds will be used to advance the company's properties in South Korea, repay short-term debt and for general working capital purposes.
The company also said Euro Pacific Canada Inc. has decided not to proceed with the convertible debenture offering announced on June 6.
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 million
|
| Greenshoe: | 15%
|
| Units: | 25 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agents: | Dundee Securities Ltd. (lead, for C$4 million), non-brokered (for C$1 million)
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 31
|
| Stock symbol: | TSX Venture: WOF
|
| Stock price: | C$0.20 at close Aug. 13
|
| Market capitalization: | C$60.29 million
|
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