|By Marketwired .||
|January 9, 2014 01:45 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/09/14 -- Wellgreen Platinum Ltd. ("Wellgreen" or the "Company") (TSX VENTURE:WG)(OTCQX:WGPLF) is pleased to announce that it has completed the issuance of a further 1,199,700 units of the Company (the "Units") at a price of $0.55 per Unit, for aggregate gross proceeds of approximately $660,000 (the "Private Placement"), under the same terms and conditions as its private placement which was completed on December 31, 2013.
Each Unit is comprised of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable for one Share for a period of 36 months following the closing of the Private Placement, at a price of $0.80, subject to the right of the Company to accelerate the expiry date of the Warrants to a period of 30 days if, at any time after May 10, 2014, the closing price of the Shares on the TSX Venture Exchange equals or exceeds $1.20 for a period of 10 consecutive trading days.
Wellgreen's President & CEO, Greg Johnson, stated: "We are very pleased that we received significant investor interest to warrant a second tranche closing."
In connection with the Private Placement, the Company will pay cash finder's fees to certain finders in an aggregate amount of approximately $12,000.
Each of the securities issued pursuant to the Private Placement is subject to a hold period in Canada expiring on May 10, 2014, in accordance with applicable securities laws and the rules and policies of the TSX Venture Exchange.
An insider of the Company, directly or indirectly, subscribed for an aggregate of 200,000 Units. Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions, the Company notes that it has not filed a material change report 21 days prior to the closing of the Private Placement as participation of the insider had not been established at that time.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the "United States" or to "U.S. persons" (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended). The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent an exemption from the registration requirements of such Act.
About Wellgreen Platinum
Based in Vancouver, Canada, Wellgreen Platinum Ltd. is a platinum group metals focused exploration and development company with advanced projects in the Yukon Territory, Ontario, and Manitoba, Canada. Our 100% owned Wellgreen PGM-Ni-Cu project, located in the Yukon, is one of the world's largest undeveloped PGM deposits and one of the few significant PGM deposits outside of southern Africa or Russia. Our Shakespeare PGM-Ni-Cu project is a fully-permitted, production-ready brownfield mine located in the well-established Sudbury mining district of Ontario, and our Lynn Lake project is a former operating mine located in Manitoba, Canada.
Our experienced management team has an extensive track record of successful, large-scale project discovery, development, permitting, operations and financing combined with an entrepreneurial approach to sustainability and collaboration with First Nations and communities.
Further information about the Company and its projects can be found at www.wellgreenplatinum.com.
Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". All information in this release, other than information of historical facts, including, without limitation, future trading prices of the Company's Shares are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, the Company's ability to maintain the support of stakeholders necessary to develop the Wellgreen project, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our annual filings which are available at www.sedar.com. The Company does not undertake to update any forward looking information, except in accordance with applicable securities laws.
Neither the 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.
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