Wolf Minerals Limited Standby Subscription Facility Approved (9931V)
22 April 2016 - 4:00PM
UK Regulatory
TIDMWLFE
RNS Number : 9931V
Wolf Minerals Limited
22 April 2016
22 April 2016
Wolf Minerals Limited
("Wolf" or the "Company")
Standby Subscription Facility Approved
Highlights:
-- GBP25 million standby subscription facility with Resource Capital Fund VI L.P. approved.
-- Equity to be issued at a significant premium to current share price.
-- Initial subscription of GBP16 million in April 2016.
-- Funds will be used to strengthen balance sheet during the ramp up of the Drakelands mine.
Specialty metals producer, Wolf Minerals Limited (ASX: WLF, AIM:
WLFE) ("Wolf" or "the Company") is pleased to announce the approval
of a GBP25 million standby subscription facility ("the Facility"),
with Resource Capital Fund VI L.P. ("RCF VI") following a general
meeting of shareholders held on 22 April 2016.
The terms of the Facility provide that RCF VI, an associate of
current major shareholder Resource Capital Fund V L.P., will
subscribe for ordinary shares in the Company up to a maximum amount
of GBP25 million (approximately A$46 million) at 9.19p
(approximately A$0.17) per share. This represents a 21% premium to
the closing share price on the ASX on 21 April 2016.
The Facility is available to Wolf for a period of six months
following approval and will be used to support operations at
Drakelands and facilitate the Company's debt repayments. An initial
subscription request for GBP16 million has been made by the
Company.
Wolf Managing Director, Russell Clark, commented:
"The approval of the Facility enables Wolf to continue its ramp
up of the Drakelands mine to enable the project to reach its true
potential. We are starting to see price increases and remain
confident that Wolf, with its large production capacity and
location in a first world country will be well positioned when the
market recovers."
"We value RCF's support with this facility and its continuing
commitment to the project and the broader fundamentals of the
tungsten market."
ENDS
Wolf Minerals Limited: Russell Clark +61 8 6364 3776
Numis Securities: John Prior/James Black/Paul
Gillam +44(0)20 7260 1000
Newgate: Adam Lloyd / Ed Treadwell / Helena
Bogle +44 (0) 20 7653 9850
About Wolf Minerals
Wolf Minerals is a dual listed ("ASX: WLF", "AIM: WLFE")
specialty metals company. With global demand for tungsten rising
and future global production expected to be constrained, Wolf
Minerals has recently completed the development of a large tungsten
resource at its Drakelands Mine, located at Hemerdon, in southwest
England.
This information is provided by RNS
The company news service from the London Stock Exchange
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