Business
Wellgreen Platinum Announces $10 Million Equity Investment by Electrum Strategic Opportunities Fund L.P.
Wellgreen Platinum Announces $10 Million Equity Investment by Electrum Strategic Opportuni...
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\nWellgreen Platinum Announces $10 Million Equity Investment by Electrum Strategic Opportunities Fund L.P.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nWellgreen Platinum Announces $10 Million Equity Investment by Electrum Strategic Opportunities Fund L.P.\nCanada NewsWire\nVANCOUVER, March 10, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nVANCOUVER, March 10, 2016 /CNW/ - Wellgreen Platinum Ltd. (TSX: WG; OTC-QX: WGPLF) (\"Wellgreen Platinum\" or the \"Company\") is pleased to announce that it intends to issue up to 60,500,000 units (the \"Units\") in two separate tranches, at a price of $0.20 per Unit (the \"Subscription Price\"), by way of a non-brokered private placement (the \"Private Placement\") for total gross proceeds of up to $12.1 million. The Units are comprised of one common share in the capital of the Company and one common share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one common share of Wellgreen Platinum at a price of $0.27 for a period of five (5) years following the closing of the First Tranche Financing (as defined below) or the Second Tranche Financing (as defined below), as applicable. \n\nIn connection with the Private Placement, the Company has entered into an agreement (the \"Agreement\") to issue a total of 50,000,000 Units to Electrum Strategic Opportunities Fund L.P. (\"Electrum\") in two tranches. The closing of each tranche is subject to the fulfilment or waiver of certain terms and conditions. Upon closing of the second tranche of the Private Placement (the \"Second Tranche Financing\") and assuming that a total of 60,500,000 Units are issued in aggregate, Electrum will own a 26.9% equity interest in the Company, or a 40.6% equity interest on a partially diluted basis assuming the exercise of all Warrants acquired by the subscribers of the Private Placement.\n\nJohn Sagman, Wellgreen Platinum's Interim President & COO, commented, \"We are very pleased to announce thi...