Woulfe Mining Corp.(TSXV:WOF) announced the arrangement of a brokered public offering on the basis of $20 million in the principal amount of convertible unsecured senior debentures. The debentures will mature and can be repaid by 2017.
As quoted in the press release:
Each $1,000 principal amount of the debentures will be convertible at the option of the holder into 3,509 common shares of Woulfe, representing a conversion price of $0.285 per share.
Woulfe, President and CEO, Brian Wesson, commented:
Securing this Offering enables the Company to maintain, if not accelerate, its aggressive business development program. Over the course of the remainder of 2012, there will be many objectives we have to deliver in order to open the Sangdong tungsten mine, and having funds available on the balance sheet ready to be deployed is a positive endorsement of our plan.