Wolfden Resources announced that it has completed a non-brokered private placement of 12,500,000 common shares of the Company at a price of C$0.20 per Common Share with Kinross Gold Corporation for gross proceeds of C$2,500,000.
Kinross now holds approximately 9.7% of the issued and outstanding shares of the Company. The shares issued to Kinross are subject to a four-month hold period under applicable Canadian securities laws, which expires on July 30, 2019.
The majority of the proceeds from the Offering will be used to explore the Company’s 100%-owned Pickett Mountain high-grade polymetallic deposit in North-eastern Maine, USA. The Company expects to resume its expansion and exploration drill program in the spring once the road access conditions are dry enough.
“We look forward to working with Kinross as a strategic partner in our efforts to expand the current mineral resources and search for additional deposits at Pickett Mountain,” said Ron Little, President and CEO for the Company. This will include follow up of the recently discovered footwall zone in a drill hole that intersected 4.1 m of 38.2% ZnEq (incl. 612 g/t Ag and 0.5 g/t Au) and one of the last deeper holes that hit 19.5 m of 33.1% ZnEq (incl. 269 g/t Ag and 1.1 g/t Au) see press release dated January 15, 2019.
Source: Company Press Release.