Woulfe Mining Corp. (CVE:WOF) reports that it has closed a non-brokered private placement raising $10,000,000.
The press release is quoted as saying:
In conjunction with this financing, Korea Zinc will invest $38,000,000 directly into the Woulfe subsidiary Sangdong Mining Co. Ltd. (“SMCL”). As a result of this investment, Korea Zinc will own 51% of SMCL with Woulfe retaining ownership of the remaining 49%. These funds will be used to progress the Sangdong Project through the Feasibility Study, due in 2011. Upon completion of a positive Feasibility Study, Korea Zinc will provide debt financing for all subsequent development of the Sangdong project without further dilution to SMCL