Wolf Minerals has announced the completion of its $4 million placement to new strategic partners Traxys Projects and Resource Capital Funds.
The proceeds will be used to complete the funding for the bankable feasibility study at the company's Hemerdon Tungsten and Tin Project, near Plymouth in the UK.
As part of the placement, Wolf has signed a Memorandum of Understanding with Traxys Europe to market 100% of its Wolframite (Tungsten) concentrates on commercial terms, and an offtake agreement for 100% of the tin concentrates at spot market prices.
In addition, RCF nominee Mr Chris Corbett has been appointed to the Company's Board effective today as a Non Executive Director. Mr Corbett is based in RCF's Perth office and has 13 years in mining, corporate business development and investment management. Prior to this he worked with leading mining contractor Byrnecut Mining where he gained technical experience in mine development, production and construction.
The Traxys Group are global leaders in financing, marketing, distribution and financial services for the mining industry and has locations in more than 20 countries. Resource Capital Funds is an international private equity manager which specialises in mining investment globally.
The placement was conducted in two tranches. The first tranche, of 3,975,000 shares, was issued to Traxys Projects to raise A$1.6 million. The second tranche of 5,781,098 shares was subject to shareholder approval which was granted today, and was issued to Traxys Projects and RCF and raised a further A$2.4 million. The Company now has a total of 36,256,098 shares on issue. The placement was priced at 41 cents per share.
ASX Release 12th February