Business
Wellgreen Platinum Signs C$11.4 Million Financing Package led by Resource Capital Fund VI L.P.
Wellgreen Platinum Signs C$11.4 Million Financing Package led by Resource Capital Fund VI ...
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\nWellgreen Platinum Signs C$11.4 Million Financing Package led by Resource Capital Fund VI 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\n\n\n\n\n\nWellgreen Platinum Signs C$11.4 Million Financing Package led by Resource Capital Fund VI L.P.\nCanada NewsWire\nVANCOUVER, Nov. 4, 2015\n\n\n\n\n\n\nVANCOUVER, Nov. 4, 2015 /CNW/ - Wellgreen Platinum Ltd. (\"Wellgreen Platinum\" or the \"Company\") (TSX: WG; OTC-QX: WGPLF) is pleased to announce that it has entered into definitive agreements with investors including Resource Capital Fund VI L.P. (\"RCF\") and Australind Limited (\"Australind\"), an affiliate of Alverstoke Group LLC (\"Alverstoke\"), in respect of a financing package that will provide the Company with total gross proceeds of US$8.73 million or approximately C$11.4 million1. The aggregate financing package consists of a US$2.5 million or C$3.3 million1 non-brokered equity private placement and the sale by Wellgreen Platinum of a 1.0% Net Smelter Returns Royalty on future production from the Wellgreen property (\"NSR Royalty\") for proceeds of US$6.2 million or C$8.1 million1. With these agreements in place, the Company has initiated the second phase of its 2015 exploration drill program at Wellgreen and expects to undertake a comprehensive metallurgical testing program starting in Q1 2016. \n\nGreg Johnson, Wellgreen Platinum's President and CEO stated, \"We are very pleased to be adding RCF and an affiliate of Alverstoke as shareholders of Wellgreen Platinum. This is an important development for the Company as it brings in the funding to continue to advance our pre-feasibility level studies during a period of very challenging market conditions for the mining sector. The 2015 Wellgreen PEA demonstrated that our Wellgreen project has the potential to become a low cost, mid-tier level producer of PGMs and nickel, with average annual production of over 200,000 ounces of platinum, palladium and gold along with over 120 million pounds of combined nickel and copper during its first 16 years of operation.  We believe that with the financial resources and...