Wolverine Closes $5.4 Million in Private Placements
08 June 2011 - 11:00PM
Marketwired
WOLVERINE MINERALS CORP. ("Wolverine" or the "Company") (TSX
VENTURE: WLV)(FRANKFURT: 4LP) is pleased to announce that it has
closed non-brokered private placements of units and flow-through
units, as previously announced on May 5, 2011 for total gross
proceeds of more than $5.4 million.
The Company issued 7,374,500 million units (each, a "Unit"), at
a price of $0.55 per Unit, for gross proceeds of $4,055,975. Each
Unit consists of one common share and one-half of one share
purchase warrant (each, a "Warrant"), with each whole Warrant
entitling the holder to acquire an additional common share for
$0.75 per share until June 7, 2012.
The Company also issued 2,150,000 million flow-through units
(each a "FT Unit"), at a price of $0.65 per FT Unit, for gross
proceeds of $1,397,500. Each FT Unit consists of one flow-through
common share and one-half of one non flow-through share purchase
warrant (each, a "NFT Warrant"), with each whole NFT Warrant
entitling the holder to acquire an additional common share for
$0.75 per share until June 7, 2012.
The Warrants and the NFT Warrants are subject to an accelerated
30-day expiry provision in the event the Company's common shares
trade at $1.10 or greater for a period of 20 consecutive trading
days after four months from closing.
Strategic Metals Ltd. exercised its right to participate in the
financing in order to maintain its 19.9 % equity interest in the
Company.
In connection with the financing, the Company paid aggregate
finder's fees of $77,698.50 and issued a total of 136,110 finder's
warrants in accordance with the rules and policies of the TSX
Venture Exchange. The finder's warrants are exercisable at $0.55
for a period of 12 months and are subject to the same accelerated
30-day expiry provision as the placement warrants.
The proceeds from the above financings will be used to fund the
Company's planned $5 million exploration programs in the Dawson
Range and the Finlayson Districts in the Yukon (see news release
dated April 28, 2011) and general working capital.
The securities issued will be subject to hold periods until
October 8, 2011 under Canadian laws and the policies of the
Exchange, and certain securities will also be subject to hold
periods under United States securities laws. None of the securities
issued have been or will be registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), and none of
them may be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the 1933 Act.
WOLVERINE MINERALS CORP.
Thomas A. Doyle, President & CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Wolverine Minerals Corp. Thomas A. Doyle President
& CEO (604) 689-5722 Wolverine Minerals Corp. Logan Anderson
(604) 689-5722 604-685-9182 (FAX) info@wolverineminerals.ca
www.wolverineminerals.ca
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