Wellgreen Platinum Announces Warrant Exercises for Approximately $1 Million
Print Friendly Version of this pagePrint Get a PDF version of this webpagePDF
March 28, 2014, Vancouver, B.C., Wellgreen Platinum Ltd. (TSX-V: WG, OTC-QX: WGPLF) announces that, over the course of the past few weeks, 903,636 warrants were exercised at $0.80 and 300,000 warrants were exercised at $0.90 resulting in a total of 1,203,636 common shares of the Company being issued from treasury for total proceeds to the Company of approximately $1.0 million.
In addition, the Company has applied to the TSX Venture Exchange (the “Exchange”) to amend the expiry date of 2,533,604 warrants that were granted by the Company on July 31, 2012 with an expiry date of July 31, 2014, and 1,250,000 warrants that were granted by the Company August 29, 2012 with an expiry date of August 29, 2014 (together, the “Warrants”). Subject to Exchange approval, the term of the Warrants will be extended to September 29, 2016, in accordance with the policies of the Exchange. All other terms of the Warrants, including but not limited to the exercise price of $2.00 and the “accelerator” clause whereby Wellgreen Platinum can require that all Warrants be exercised within a 30 day period in the event that the closing price of the Company’s common shares on the Exchange exceeds $2.80 for ten consecutive trading days, shall remain unchanged.
The Company has amended the maturity date from March 31 to December 31, 2014 for loans aggregating $0.9 million that the Company advanced to its senior management team in order to assist them in participating in the $5.9 million equity financing of the Company that closed on June 20, 2013 (the “Placement”). All other terms of the loans remain unchanged, including that the Company holds as collateral for the loans, all shares and warrants subscribed for by the loan recipients under the Placement, and the amended loan agreements will be available under Wellgreen Platinum’s SEDAR profile at www.sedar.com.
About Wellgreen Platinum
Based in Vancouver, Canada, Wellgreen Platinum Ltd. is a platinum group metals focused exploration and development company with advanced Canadian projects in the Yukon Territory and Ontario. Our 100% owned Wellgreen PGM-Ni-Cu project, located in the Yukon, is one of the world’s largest undeveloped PGM deposits and one of the few significant PGM deposits outside of southern Africa or Russia. Our Shakespeare PGM-Ni-Cu project is a fully-permitted, production-ready brownfield mine located in the well-established Sudbury mining district of Ontario.
Our experienced management team has an extensive track record of successful, large-scale project discovery, development, permitting, operations and financing combined with an entrepreneurial approach to sustainability and collaboration with First Nations and communities.
