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Wellgreen plans C$9.5M placement to advance Wellgreen project in Yukon

Wellgreen Platinum Ltd. said Aug. 2 that it will undertake a private placement of up to 33,795,591 units to raise around C$9.5 million.

The company will issue 25,120,056 units at 26 Canadian cents apiece and 8,675,535 flow-through units at 34.58 cents each.

Each unit will consist of 1 share and 0.5 of a share purchase warrant, while each warrant is exercisable at 35 cents per share for five years following closing. Each flow-through unit, meanwhile, will comprise 1 flow-through share and 0.5 of a share purchase warrant, while each warrant is also exercisable at 35 cents per share for the same period.

Wellgreen noted that Tocqueville Gold Fund will acquire 12,379,201 units, Resource Capital Fund VI LP will subscribe for 8,675,535 flow-through units, Electrum Strategic Opportunities Fund LP will acquire 6,742,271 units, and Drake Private Investments will acquire 5,998,584 units under the offer.

The gross proceeds will be earmarked for the development of the company's Wellgreen nickel-platinum group metals-copper project in Canada's Yukon Territory, and for general corporate purposes.

The offering is expected to close by Aug. 4.