Woulfe Mining Announces Close of $10 Million Equity Financing With Korea Zinc

Woulfe Mining Corp. (TSXV: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

Click here to access the entire news release.

Click here to access Woulfe Mining’s company profile.