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Wesdome Gold Mines Announces Closing Of Common Shares For Gross Proceeds Of $5.0 Million
Wesdome Gold Mines Announces Closing Of Common Shares For Gross Proceeds Of $5.0 Million ...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\n\nWesdome Gold Mines Announces Closing Of Common Shares For Gross Proceeds Of $5.0 Million\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\nWesdome Gold Mines Announces Closing Of Common Shares For Gross Proceeds Of $5.0 Million\nCanada NewsWire\nTORONTO, Oct. 20, 2015\n\n\n\nTSX:WDO  \n\n\n\nTORONTO, Oct. 20, 2015 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) is pleased to announce the closing of a non-brokered private placement for aggregate gross proceeds of CAD$5,000,000 (the \"Offering\").  The Offering consisted of 5,000,0000 common shares in the capital of the Company (the \"Common Shares\") at a price of $1.00 per Common Share.  \n\nAll of the subscribers of the Offering are insiders of the Company, including CEO Rolly Uloth, Chairman Barry Smith, Director Charles Page and the Company's largest institutional shareholder, Resolute Funds.  \n\nThe Company will use the net proceeds of the Offering for production expansion including the mill, working capital and general corporate purposes.\n\nThe Offering is subject to the final acceptance of the Toronto Stock Exchange, and the Common Shares issued pursuant to the Offering are subject to a four month and one day hold period. \n\nThe Offering constitutes a \"related party transaction\" under Multilateral Instrument 61-101 – Protection of Minority Holders in Special Transactions (\"MI 61-101\").  However, the Offering is not subject to the minority approval and valuation requirements under MI 61-101 as there is an applicable exemption from these requirements because neither the fair market value of the subject matter, nor the fair market value of the consideration, for the Offering, insofar as it involves the interested parties, exceeds 25% of the Company's market capitalization.\n\nABOUT WESDOME\n\nWesdome Gold Mines Ltd. is in its 28th year of continuous gold mining operations in Canada.  The Company is currently producing from its Eagle River and Mishi gold mines in Wawa, Ontario, which have earned consistent free cash flow during times of low gold prices.  Wesdome's corpo...