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Wellgreen Platinum TSX:WG) has announced it intends to issue 1,776,500 common shares in the capital of the company at $0.30 per share, which is the five-day volume weighted average price of the shares by way of non-brokered private placement for total gross proceeds of $533,000. As quoted in the press release: The Shares are being …
Wellgreen Platinum TSX:WG) has announced it intends to issue 1,776,500 common shares in the capital of the company at $0.30 per share, which is the five-day volume weighted average price of the shares by way of non-brokered private placement for total gross proceeds of $533,000.
As quoted in the press release:
The Shares are being purchased by the Directors of Wellgreen Platinum, including the Company’s new President and Chief Executive Officer, Diane R. Garrett, as well as by Gil Leathley, who was appointed as a Board observer by Electrum Strategic Opportunities Fund L.P. (“Electrum”) pursuant to the terms of a unit purchase agreement between the Company and Electrum dated March 9, 2016.
Ms. Garrett commented, “On behalf of the Board of Directors, we are very pleased to demonstrate our support for the Company by participating in this Private Placement. The recent appointment of three new Board members has added additional technical strength and expertise to our Board. Coupled with the recent cornerstone investment completed by Electrum, which included participation by Resource Capital Fund, the Company is well-positioned to move the Wellgreen project forward and create value for our shareholders. I am excited to have joined the Company at this stage in its development, and am very pleased to be part of a Board that is invested in the Company”.
The Private Placement is subject to, among other things, receipt of all applicable regulatory approvals, including approval of the Toronto Stock Exchange (“TSX”). All Shares issued in the Private Placement will be subject to a statutory four month hold period.