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Wolfden Completes Financing and Purchase of the Pickett Mountain Base-Metal Property in Penobscot County, Maine, USA
Wolfden Completes Financing and Purchase of the Pickett Mountain Base-Metal Property in Pe...
About this update from Wolfden Resources Corp.
[{"type":"text","content":"\n\n\n\nWolfden Completes Financing and Purchase of the Pickett Mountain Base-Metal Property in Penobscot County, Maine, USA\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\n\nCanada NewsWire\nTHUNDER BAY, ON, Nov. 16, 2017\n\n\n\nTHUNDER BAY, ON, Nov. 16, 2017 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) (\"Wolfden\" or the \"Company\") is pleased to announce that it has completed the previously announced acquisition of a 100% interest in the Pickett Mountain Property, located in Penobscot County, northern Maine, U.S.A (the \"Property\") for a cash purchase price of US$8.5 million (the \"Acquisition\").  The Property comprises 6,871 acres of timberland and all minerals, mining, subsurface and surface rights owned by the seller, and includes the Pickett Mountain base metal deposit (the \"Pickett Mountain Project\").\n\nTo fund the Acquisition, the Company granted a 1.35% gross sales royalty on the Pickett Mountain Project to a subsidiary of Altius Minerals Corporation (\"Altius\", ALS:TSX) for cash consideration of US$6,000,000 and completed a non-brokered private placement (the \"Offering\") of 20,200,000 subscription receipts (\"Subscription Receipts\") at a price of C$0.25 per Subscription Receipt for gross proceeds of C$5,050,000, with Altius subscribing for 14,200,000 Subscription Receipts.\n\nThe Financing\n\nImmediately prior to the completion of the Acquisition, upon satisfaction of the escrow release conditions in respect of the Subscription Receipts, each holder of Subscription Receipts received, without the payment of additional consideration or further action on the part of the holder, one unit of the Company (each a \"Unit\"). Each Unit comprised of one common share of the Company (a \"Common Share\") and one half (1/2) of one common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant is exercisable to acquire one Common Share (a \"Warrant Share\") at price of C$0.35 for a period of 60 months from the closing date of the Offering. \n\nAll securities issued pursuant to the Offering are subject to a statutory f...