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Wolfden Enters Into Agreement to Purchase Base-Metal Project in Penobscot County, Maine, USA and Financing Proposal
Wolfden Enters Into Agreement to Purchase Base-Metal Project in Penobscot County, Maine, U...
About this update from Wolfden Resources Corp.
[{"type":"text","content":"\n\n\n\nWolfden Enters Into Agreement to Purchase Base-Metal Project in Penobscot County, Maine, USA and Financing Proposal\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, Sept. 7, 2017\n\n\n\nTHUNDER BAY, ON, Sept. 7, 2017 /CNW/ - Wolfden Resources Corporation (WLF:TSX-V) (\"Wolfden\" or the \"Company\") is pleased to announce that has entered into a purchase and sale agreement dated September 6, 2017 (the \"Purchase Agreement\") with an arm's length third party to acquire a 100% interest in property located in Pickett Mountain, Penobscot County, northern Maine, U.S.A (the \"Property\") for a cash purchase price of US$8.5 million (the \"Acquisition\"). \n\n\n \n \n\n \nThe Property is host to the Pickett Mountain Zn-Pb-Cu-Ag deposit, considered by Wolfden management to be one of the highest-grade undeveloped volcanogenic massive sulphide deposits (VMS) in North America (the \"Pickett Mountain Project\"). The deposit was discovered by Getty Mines Ltd. in 1979, using a combination of soil surveys ground surveys and diamond drilling and has not been explored since 1989.\n\nThe Company has also agreed to the terms of a proposed royalty and equity based financing (the \"Financing Proposal) with a subsidiary of Altius Minerals Corporation (\"Altius\") (ALS:TSX) to fund the Acquisition. The Financing Proposal remains subject to Altius due diligence and customary approvals, whereby Altius would subscribe and purchase from the Company on a non-brokered private placement basis, 14,200,000 subscription receipts of the Company (the \"Subscription Receipts\"), at a price of C$0.25 per Subscription Receipt, for aggregate gross proceeds of C$3,550,000 (the \"Private Placement\"). Wolfden will have the right to place additional participants in the Private Placement, on identical terms, for up to C$1,250,000. Altius will also acquire a 1.35% gross sales royalty on the Pickett Mountain Project for cash consideration of US$6,000,000 and have an option to purchase an additional 0.50% gross sales royalty at any time before the first anniversary ...