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Wellgreen Platinum closes C$2.0M private placement

WellgreenPlatinum Ltd. said July 8 that it has closed its previouslyannounced private placement comprising 6,796,742 common shares for grossproceeds of approximately C$2.0 million.

The offering initially sought to raise approximatelyC$533,000 from the issuance of 1,776,500 shares priced at 30 cents apiece,before Electrum Strategic Opportunities Fund LP and Resource Capital Fund VI LPannounced that they intended to take part in the placement.

The company plans to use the net proceeds for thedevelopment of its Wellgreen platinum group metals-nickel project inCanada's Yukon Territory and for general corporate purposes.