As previously disclosed, the majority of the net proceeds from the Financing will be used to continue exploration and development of the Company's 100%-owned
No compensation was paid in respect of the Financing. The securities that have issued pursuant to the Financing are subject to a four-month hold period under applicable Canadian securities laws that expires on
Related Party Transaction
Certain prospective investors are insiders of the Company and there participation in the Financing will be considered to be 'related party transactions' within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). Unless there is an exemption, the Company would be required to obtain a formal valuation and 'minority approval', being approval of disinterested shareholders of the Company.
The Company intends to rely on the exemption from a formal valuation in available in section 5.5(a) of MI 61-101 and the exemption from minority approval available in section 5.7(a) of MI 61-101. The Company meets the requirements set out in sections 5.5(a) and 5.7(a) of MI 61-101 because the fair market value of the securities being distributed to insiders, and the aggregate value of the Common Shares to be distributed under the Financing are each less than 25% of the market capitalization of the Company.
About Wolfden
Wolfden is an exploration and development company focused on high-margin metallic mineral deposits including base, precious and strategic metals. Its wholly owned
Contact:
President & CEO
T: (807) 624-1136
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events, including the expected use of the net proceeds of the Financing. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the Company, and include, without limitation, metal price assumptions, cash flow forecasts, permit and community approvals, and the timing and completion of exploration programs in
Neither
(C) 2022 Electronic News Publishing, source