Wellgreen Platinum Announces Participation in Private Placement

Wellgreen Platinum (TSX:WG) has announced that Electrum Strategic Opportunities Fund L.P. has indicated it intends to participate in the previously announced private placement of common shares at $0.30 per share by board members of Wellgreen Platinum.
As quoted in the press release:

Electrum, which has a pro rata right pursuant to the terms of a unit purchase agreement between the Company and Electrum dated March 9, 2016, will subscribe for 4,359,333 common shares, which is over and above its pro rata entitlement. Electrum’s subscription will result in gross proceeds to the Company of approximately C$1,307,800.
Assuming the exercise in full of all remaining pro rata rights, the Private Placement is expected to result in the issuance of approximately 6,872,587 common shares, for gross proceeds to the Company of approximately C$2,061,776. If no remaining pro rata rights are exercised, the Private Placement is expected to result in the issuance of approximately 6,135,833 common shares, for gross proceeds to the Company of approximately C$1,840,750.
Diane R. Garrett, the Company’s President and Chief Executive Officer, commented, “We are thrilled by the continued support of Electrum, and look forward to working with them, and with all stakeholders, to move the Wellgreen project and the Company forward”.

Click here to read the full press release.