Wellgreen Platinum Announces $10 Million Equity Investment by Electrum Strategic Opportunities

Wellgreen Platinum (TSX:WG) announced that, in connection with a private placement for gross proceeds of roughly $12.1 million, the company will issue a total of 50 million units to Electrum Strategic Opportunities Fund.
As quoted in the press release:

In connection with the Private Placement, the Company has entered into an agreement (the “Agreement”) to issue a total of 50,000,000 Units to Electrum Strategic Opportunities Fund L.P. (“Electrum”) in two tranches. The closing of each tranche is subject to the fulfilment or waiver of certain terms and conditions. Upon closing of the second tranche of the Private Placement (the “Second Tranche Financing”) and assuming that a total of 60,500,000 Units are issued in aggregate, Electrum will own a 26.9% equity interest in the Company, or a 40.6% equity interest on a partially diluted basis assuming the exercise of all Warrants acquired by the subscribers of the Private Placement.

Wellgreen Platinum Interim President and COO, John Sagman, said:

We are very pleased to announce this substantial equity investment by Electrum.  We believe the Company and its shareholders will benefit from Electrum’s strong mining expertise as we continue to advance the Wellgreen PGM-nickel project.

Click here for the full press release.