Woulfe Mining Corp.

Woulfe Mining Corp.

September 09, 2013 12:42 ET

Woulfe Mining Updates $1 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 9, 2013) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF) (OTCQX:WFEMF) (FRANKFURT:OZ4) provides an update concerning the Company's private placement as announced on August 26, 2013.

Pursuant to an equity participation agreement between the Company and Korea Zinc Co. Ltd. ("Korea Zinc") dated December 15, 2010, Korea Zinc is entitled to maintain its pro rata interest in the Company (as set at the time of its initial subscription in the Company completed on December 22, 2010) in the event the Company intends to complete an equity financing, for so long as Korea Zinc, together with its nominees, continues to hold at least 5% of the issued and outstanding shares of the Company (the "Participation Right").

In the event that Korea Zinc elects to exercise the Participation Right in full, a further 3,133,503 units will be issued at a price of $0.10 per unit, in addition to the 10,000,000 units to be placed as announced in August 26, 2013, generating additional gross proceeds of $313,350.30, for aggregate gross proceeds of $1,313,350.30. As previously announced, each unit will be comprised of one common share and one share purchase warrant. Each warrant will allow the holder to acquire one additional share of the Company at a price of $0.12 per share for a period of three years from issuance. Korea Zinc may exercise its Participation Right in any lesser portion at its sole discretion.

The Company intends to use the net proceeds of the placement for general corporate purposes. The placement is subject to regulatory approvals, including the approval of the TSX Venture Exchange.

On Behalf of the Board of Directors

Woulfe Mining Corp.

Hubert Marleau, Interim Chief Executive Officer and Director

About Woulfe Mining Corp "Unearthing Global Assets"

Woulfe Mining Corp is focused on 'Unearthing Global Assets' through the recognition and development of undervalued natural resource projects. Woulfe differentiates itself by boasting significant technical expertise in the design, development and operation of mining projects.

Our flag ship project is the Sangdong tungsten mine in South Korea, historically the world's largest tungsten mine for over 40 years. Sangdong is expected to return to production by Q4 of 2013. Woulfe has entered into strategic agreements with International Metalworking Companies B.V. ('IMC'), part of the Berkshire Hathaway group of companies. This partnership brings strategic advantage given Woulfe's mining and processing technical abilities and IMC's downstream manufacturing skills, high level of innovation and quality of products sold into the global tungsten market. Woulfe Mining Corp. is a Canadian TSX-V listed company. Further information can be found on Woulfe's website www.woulfemining.com or on info@woulfe.com.au.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Woulfe Mining Corp.
    Hubert Marleau
    Interim Chief Executive Officer and Director
    343 370 1943

    Woulfe Mining Corp.
    Administration Office
    +1 604 684 6264
    +1 604 684 6242 (FAX)