Wellgreen Platinum Still Aiming to Complete PEA in 2014

Wellgreen Platinum (TSXV:WG,OTCQX:WGPLF) provided an update on the progress of a preliminary economic assessment for its Wellgreen project, suggesting that it is still aiming to complete the study before the end of 2014.

The update came in an announcement that Wellgreen had completed a $9.1 million non-brokered equity financing. The placement was completed at a roughly 11 percent premium to the company’s 10 day volume weighted average trading price.

As quoted in the press release:

The net proceeds of the Private Placement will be applied towards continuing exploration and development activities as part of initiating planned Pre-feasibility level studies on the Company’s 100%-owned Wellgreen PGM-Nickel-Copper property located in the Yukon.

Wellgreen president and CEO, Greg Johnson, said:

We are pleased to be able to strengthen the Company’s shareholder base and balance sheet with this financing at a premium to the market. These mining-focused investors recognize the quality and potential of the Wellgreen assets despite the extended difficult market conditions in the resource sector. The proceeds from this financing will allow us to advance to planned pre-feasibility-level studies and environmental work on the Wellgreen project and will place the Company in a solid financial position into 2015.

Click here to read the Wellgreen Platinum (TSXV:WG,OTCQX:WGPLF) press release